The Philly Fed Business Outlook Survey: January 2013

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.