Manufacturing activity in the Federal Reserve Bank of Philadelphia’s region “weakened this month,” as the general business conditions index plunged to negative 20.9 in January from a revised negative 1.6 in December, this month’s Report on Business indicates.

The negative 20.9 reading is the lowest the index as posted since October 2001.

Economists surveyed by IFR Markets predicted a reading of negative 1.3 for the index.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.