FXStreet (Mumbai) - Philly Fed manufacturing survey for January will be released today at 13.30 GMT. The consensus is for a reading of -3.0, up from -5.9. December’s reading had come in at -5.9, down from last month's 1.9 and the 3-month moving average stood at -2.8. Philadelphia Fed Manufacturing Index averaged 8.54 Index Points from 1968 until 2015. It reached an all-time high of 58.50 Index Points in March 1973 and a record low of -57.90 Index Points in December 1974. Manufacturing sector in the US is found to be reeling under the impact of low oil prices and strong dollar. Weak global growth is impacting the demand for US produced goods. News order numbers are seen falling steadily. Also, exporters are being hurt by the strong currency. The rise in inventory caused the appetite to restock to remain low among manufacturers. As a result factory activities have been weak for some time now. Declining oil prices have brought down the prices of raw materials. Manufacturers, to stay competitive have priced their goods lower. Thus, the volume of goods sold cannot bear proof of the profits earned. Corporate profits are seen declining at a fast pace. The Philly Fed's Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District which covers eastern Pennsylvania, southern New Jersey, and Delaware. The index measures the relative level of business conditions amongst manufacturers in the district. The data is compiled from a survey of about 250 manufacturers in the Philadelphia Federal Reserve district. Negative readings signify contraction while positive ones indicate expansion. Jobless claims The initial weekly unemployment claims report will also be released today at 13.30 GMT. The consensus is for 278 thousand initial claims, down from 284 thousand seen the previous week. Continuous jobless claims for the week ending January 8th is expected to come in at 2.248 million, down from 2.263 million. The Labor Department on 8th January reported a surge in non-farm payroll in December. Nonfarm payrolls increased by 292,000, beating estimates. In November payrolls had increased by 252,000. Unemployment rate in the US came in at 5 per cent in December, staying at a 7-1/2-year low for the third straight month. The figures indicate a robust labor market. The labor market has been strengthening at a steady pace. However, the average hourly earnings dropped in December. Wage growth has not been very satisfactory ever after the recession. Wage growth can be expected to rise further only by the middle of the year as the labor market gradually moves towards full employment. The labor force participation rate was also a disappointment in December. It came in at 62.6 per cent, which is a near four-decade low. For more information, read our latest forex news.