The survey's broadest
measure of manufacturing conditions, the diffusion index of current
activity, decreased from a revised reading of 4.6 in December to -5.8 this
month. The demand for manufactured goods showed slight declines this
month: The new orders index declined from a revised reading of 4.9 in December to -4.3 in January. The
shipments index remained slightly positive but suggests no overall
growth - the percentage of firms reporting increased shipments was
mostly offset by the percentage reporting decreased shipments (26
percent). The indexes for both delivery times and unfilled orders
recorded slightly negative readings this month. Labor market conditions
at reporting firms deteriorated this month. The employment index, at -5.2,
fell from -0.2 in
December. The percentage of firms reporting decreases in employment (16
percent) exceeded the percentage reporting increases (11 percent). Firms
also indicated a decrease in the average workweek compared with last
month.