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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (46607)	1/17/2002 12:18:49 PM
From: Sully-	Read Replies (1) \| Respond to of 65232

US mid-Atlantic factory index shows growth in Jan NEW YORK, Jan 17 (Reuters) - A key gauge of U.S. mid-Atlantic manufacturing surged in January, the Federal Reserve Bank of Philadelphia said on Thursday, which could lift hopes the nation's factories will soon recover from a long and painful recession. The Federal Reserve Bank of Philadelphia said its January business conditions index jumped to 14.7 from -12.6 in December, indicating growth for the first time in more than a year. Almost one-third of manufacturers reported growth, according to the report, which handily beat Wall Street forecasts for a rise to -4.1. The new orders index, closely watched as a gauge of future activity, rose to 12.6 in January from -6.2 in December, signalling a future rise in manufacturing activity as those orders are filled. Closely watched as one of the first monthly reports on manufacturing, the business index hit an eight-month low of -27.4 in October following the Sept. 11 attacks. The Philadelphia Fed, one of the nation's 12 regional Fed banks, serves Delaware, eastern Pennsylvania and southern New Jersey -- a highly-industrialized region that is considered a bellwether for national manufacturing activity. The Business Outlook Survey is a diffusion index compiled by subtracting the number of companies reporting decreases from those reporting increases. The Institute for Supply Management's December factory index, released early this month also rose, also led by new orders, sparking recovery hopes. biz.yahoo.com