Manufacturing Strengthens in Philadelphia Area

Washington, DC, Jan. 16, 2014 -- The Philadelphia Fed's manufacturing index rose to a reading of 9.4 in January from a downwardly revised 6.4 reading in December.

That was ahead of economists' forecast for a reading of 8.9.

New orders declined to 5.1 from 12.9, while shipments rose to 12.1 from 11.9 and inventories declined sharply to negative 19.6 from positive 16 in December.