January 17, 2019 / 1:50 PM / 6 months ago

Philly Fed business index rises more than expected in January

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Jan 17 (Reuters) - The Philadelphia Federal Reserve said on Thursday its barometer on U.S. Mid-Atlantic business activity increased more than forecast in January, suggesting resilience in the region’s manufacturing sector amid trade tensions between China and the United States.

The Philly Fed said its business activity index rose to 17.0 from 9.1 in December. The latest figure was above economists’ expectations of 10.0, according to a Reuters poll.

Any reading above zero indicates expansion in the region’s manufacturing sector.

The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware. (Reporting By Richard Leong Editing by Chizu Nomiyama)

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