Philly Fed factory index edges lower in Jan. (by Greg Robb)

WASHINGTON (MarketWatch) -The index of manufacturing activity in the Philadelphia region edged lower in January, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index fell to 15.2 in January from 22.5 in December. The decline was sharper than expected Economists polled by MarketWatch were expecting the index to fall to 17.0. Indexes for new orders and shipments fell back from December readings. The employment index remained in negative territory but rose to its highest level since February 2008.