Tight credit is making its presence felt in the U.S. economy, data released on Wednesday showed, with fresh indications of lost jobs, contracting manufacturing activity and falling mortgage applications.

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New orders hit a six-month high of 49.7 and new export orders continued to show activity contracting, but at a slower pace.

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The initial results from HSBC's January Purchasing Managers' Index survey of Chinese manufacturers showed activity there contracting, though at a slightly slower pace than in December.

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While the economy is contracting, low interest rates would spur housing activity.

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It requires contracting resources in advance and making sure all the pieces are in place before the activity can begin.

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