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Philly Fed Revises December Factory Activity Index Upward

Factory activity in the U.S. Mid-Atlantic region was slightly greater in December than originally reported, the Philadelphia Federal Reserve Bank said.

Annual revisions to the Fed's factory activity index showed the index in December was -2.3, compared with an originally reported -4.3. A reading below zero indicates contraction in the region's manufacturing sector.

The revisions also wiped out originally negative readings for September and October. The index was now positive for the whole of 2006 except for December.

New orders were also slightly greater than previously thought, at a revised -0.9 in December compared with an originally reported -2.4.

The revisions came as part of the Philadelphia Fed's annual revision of seasonal adjustment factors. The January survey is due to be released on Jan. 18.

The survey, covering eastern Pennsylvania, southern New Jersey and Delaware, is monitored as an early indicator of the health of the U.S. manufacturing sector.