Philadelphia Manufacturing Activity Contracts

Manufacturing activity in the Philadelphia region contracted this month, the Federal Reserve Bank of Philadelphia said Thursday.

The regional Fed’s index fell to a reading of minus 5.8, from a 4.6 reading in December.

Readings greater than zero indicate expansion while below that show contraction.

The reading was well below economists’ median forecast of 5.6, Bloomberg News reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.