The January release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated an worsening of the regions manufacturing activity with the current activity index declining to a contraction level of -5.8 while assessments the future activity index increased to a level of 29.2.
The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.
