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January 20, 2005 4:00 PM, EST

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he Federal Reserve Bank of Philadelphia said Thursday its manufacturing index fell to 13.2 in January, the lowest since July 2003, from 25.4 in December.

Any reading greater than zero signals a higher percentage of manufacturers surveyed reported an improvement in business than deterioration. The index reached a 10-year high of 38.8 in January 2004 and has shown expansion since June 2003.

A measure of expectations for six months from now declined to 25.5, the lowest since March 2001, from 39 in December, the Fed said.

The new orders index declined to 9.8 from 20.9, while a measure of shipments fell to 15.9 from 25.6. However, the index of current manufacturing employment rose to 17 from 14 in December.

The survey covers Delaware, eastern Pennsylvania and southern New Jersey.

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