Philadelphia manufacturing activity expected to grow

Philadelphia manufacturing activity is looking positive for January.

Growth among the Philadelphia manufacturing industry exceeded January expectations, according to the Federal Reserve Bank of Philadelphia.

The manufacturing index for Philadelphia, which is an indicator of activity for the industry, increased to 9.4 for January. Experts had originally predicted the reading would be 8.6, Investing.com reported. Along with defying expectations, the January reading also shot up from December's reading of 6.4. The index has shown positive readings for the past eight months.

One of the interesting indexes of the report was for current shipments and new orders. Each index remained positive, but changed in different directions than there December readings.

The new orders index, which gauge demand for the industry, decreased from the 12.9 reading in December to 5.1. Shipments remained positive with a reading of 12.1. A positive reading for new orders is an indicator that Philadelphia-based manufacturers may need to increase their workload. This will cause many businesses to have to hire new staff in order to meet demands. If businesses need assistance in finding new employees, leaders can look to operations recruiters. This resource can help find qualified potential new hires that can contribute to growing a business.

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