WASHINGTON – The Philadelphia Fed's manufacturing index edged up to a reading of 9.4 in January from a downwardly revised 6.4 reading in December, edging past a MarketWatch-compiled economist forecast of 8.9. The index has been in positive territory for eight straight months. The new-orders component slowed to 5.1 from 12.9, while shipments rose to 12.1 from 11.9. Inventories took a steep drop to negative 19.6 from positive 16 in December.
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