The Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Thursday, revealed the region's manufacturing activity revealed the region's manufacturing activity continued to grow in January 2021.

According to the survey, the diffusion index for current general activity climbed from a downwardly revised 9.1 in December 2020 to 26.5 this month. This was the highest reading since October 2020.

Economists had forecast the index to increase to 12.0.

A reading above 0 signals expansion, while a reading below 0 indicates contraction.

According to the report, the new orders index surged 28.1 points to 30.0 this month (the highest reading in three months), while the current employment index jumped 16.9 points to 22.5 and the current shipments index rose 10.7 points to 22.7. Elsewhere, the survey’s price indicators suggest that price increases were more widespread this month: the prices paid index climbed 20.5 points to 45.4 and the prices received index also increased 20.5 points to 36.6.