Philadelphia Area Manufacturing Grows a Fifth Month as Recovery Takes Hold

[Purveyor]

By Courtney Schlisserman

Jan. 21 (Bloomberg) -- Manufacturing in the Philadelphia region expanded in January for a fifth straight month, pointing to a factory rebound that is helping lead the economy out of the recession.

The Federal Reserve Bank of Philadelphia’s general economic index fell to 15.2, lower than anticipated, from 22.5 in December. Readings greater than zero signal growth.

Increases in exports and business investment, combined with a need to stabilize inventories, may promote further gains in manufacturing in early 2010. The report corroborates figures issued by the Fed Bank of New York last week that showed factories in that region accelerated, indicating the rebound is broad-based.

“The manufacturing environment continues to slowly improve but we need to see end demand also continue to improve,” said Russell Price, a senior economist at Ameriprise Financial Inc. in Detroit.

Economists forecast the gauge would fall to 18, according to the median of 60 projections in a Bloomberg News survey. Estimates ranged from 5.6 to 28.

More...

http://www.bloomberg.com/apps/news?pid=20601068&sid=aVtkrH25lTl4

[onehandle]

1. It is my understanding that Philadelphia weathered this recession pretty well.

Meanwhile, the red red South is tanking even more.

[FreakinDJ]

2. Ohio - part of the "Rust Belt" Manufacturing Center

They have been clobbered for years ever since Bush took office

Google "Machine Tool Auctions" to get a perspective on the number of WHOLE Factories on the auction block