Headline: 19.3Expectations: 20.0
Analysis: Disappointing fall from that uber-high 24.3 in December (that was eventually revised down).
Below expectations, but not by much.
Last Month: The Philly Fed index surged in December to a 24.3, crushing expectations. That number was eventually revised down to a 20.8. There was significant concern over the rise in prices paid, over the more limited rise in prices received.