Philly Manufacturing Index Plunges in January

Philadelphia, PA, Jan. 17, 2013 — The Philadelphia Fed’s manufacturing index fell to -5.8 in January from +4.6 in December.

Economists expected a 5.0 reading.

The new-orders index fell to -4.3 from 4.9 in December, and the employment index fell to -5.2 from -0.2 in December.