The Philadelphia Fed's manufacturing index went negative in January, slipping to -5.8 in January from +4.6 in December
Economists polled by MarketWatch expected a 5.0 reading
The new-orders index fell to -4.3 from 4.9 in December, and the employment index fell to -5.2 from -0.2 in December
The prices received index decreased 14 points, from 12.4 to -1.1
However, the future general activity index increased from a revised reading of 23.7 to 29.2
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WASHINGTON (MarketWatch) -- A national activity index inched lower in December but remained in positive territory, the Chicago Fed said Tuesday. The index, designed so that zero readings indicate trend growth, fell to +0.02 in December from +0.27 in November. The three-month moving average was negative for the tenth straight month, rising to negative 0.11 from negative 0.13 in the prior month. This suggests that growth was below its historical trend. When the three-month moving average falls below negative 0.70, there's an increasing chance a recession has already begun. The index is a weighted average of 85 different economic indicators.
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