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Jan. Philly Fed rises to less-than-forecast 7.3

Jan. Philly Fed rises to less-than-forecast 7.3 (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Philadelphia Fed's manufacturing index in January edged up to a reading of 7.3 in January from 6.8 in December. Economists polled by MarketWatch had forecast a reading of 9.3. The new orders index remained positive for the fourth consecutive month but declined from a revised reading of 10.7 in December to 6.9 in January.