The latest index came in at 17, up 3 from last month's 14, which indicates expansion in January. The future outlook increased to 24 this month from 17. Here is a snapshot of the complete Kansas City Fed Manufacturing Survey.

Quarterly data for this indicator dates back to 1995, but monthly data is only available from 2001.

Here is an excerpt from the latest report:

KANSAS CITY, Mo. – The Federal Reserve Bank of Kansas City released the January Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity increased at a faster pace in January compared to a month ago and was similar to year ago levels. Expectations for future activity rose further.

“Regional factories reported more growth in January,” said Wilkerson. “COVID-19 vaccination is a key factor in manufacturers’ overall business outlook for 2021, but with less impact on hiring and capital spending in the near-term.” [Full report here]

Here is a snapshot of the complete Kansas City Fed Manufacturing Survey.

The next chart is an overlay of the general and future outlook indexes — the outlook six months ahead. Future factory indexes increased to 24.

For comparison, here is the latest ISM Manufacturing survey.

Let's compare all five Regional Manufacturing indicators. Here is a three-month moving average overlay of each since 2001 (for those with data).

Here is the same chart including the average of the five.