Philly Fed: Manufacturing Index decreased from 27.9 in Dec to 22.2 in Jan

"The index for current manufacturing activity in the region decreased from a revised reading of 27.9 in December to 22.2 this month," the Federal Reserve Bank of Philadelphia reported today.

Key highlights

 Although now at its lowest reading in five months, the index has stayed within a relatively narrow range over the past eight months.

The shipments index remained at a high reading and increased 6 points.

The index for current new orders, however, decreased 18 points.

Unfilled orders index was negative for the first time in 16 months, and the index of delivery times fell to its lowest reading in 10 months.

The current employment index, while still positive, fell 3 points to 16.8.