Less Inflation & Growth In Three Regional Surveys

We now have three business surveys for January conducted by the NY, Philly, and Richmond Fed district banks. Collectively, they are showing less economic growth and lower inflation. The average of their general business indexes dropped further into negative territory this month, suggesting that the M-PMI also fell further below 50.0 this month (chart).

The averages of the regional prices-paid and prices-received indexes continued to fall in January, though they remained elevated (chart).