The January release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated continued weakness in the regions manufacturing activity with the current activity index improving but still remaining at a weak level of -3.5 while assessments the future activity weakened significantly, falling to a level of 19.1.
The above 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.
