PHILLY FED UNEXPECTEDLY PLUNGES TO -5.8

Wikimedia Commons/Jeffrey M. VinocurUPDATE: This month's Philly Fed Business Outlook Survey fell sharply to an index reading of -5.8.

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Economists expected the index to rise to 5.6 from last month's reading of 4.6.

Below is a summary of the data from the release:

The January Business Outlook Survey suggests that activity in the region’s manufacturing sector decreased moderately this month.

Firms reported decreases in overall activity, new orders, and employment this month. Firms also reported a moderation in price pressures compared with the previous month. The survey’s future activity indexes suggest that firms expect growth over the first six months of 2013.

Here is a breakdown of the subcomponents of the index:

Philadelphia Fed

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ORIGINAL: Minutes away from the release of the Philadelphia Fed's closely watched Business Outlook Survey at 10 AM ET.

Economists expect the index to rise to 5.6 after registering a 4.6 reading last month.

Last month's figure, which marked a rise out of negative territory, was initially released as an 8.1 reading but was later lowered to 4.6 as part of the Philadelphia Fed's annual revisions to the data series.

A positive print signals expansion, while a sub-zero reading suggests contraction.

We will have the release LIVE at 10 AM ET. Click here for updates >