Positive Economic Reports Continue To Increase

Philadelphia, PA, Jan. 21, 2011 -- The economic recovery continues to gain steam, according to another manufacturing report from the Philadelphia Fed.

The index of manufacturing activity in the Philadelphia region dropped slightly in January, but the underlying numbers show growing economic strength.

The Philly Fed business condition index fell to 19.3 in January from 20.8 in December.

However, the new-orders index rose to 23.6 from 10.6 in December. The employment index rose to 17.6 in January from 4.3 in the prior month.

The unfilled orders index improved to 8.7 from 4.0.

The shipments index rose to 13.4 from 5.2. The inventory index rose to 6.8 in January from negative 5.9.