Manufacturing activity in Philadelphia expanded at a slower pace in the month of February.
- The Philly Fed stated its diffusion index for current activity fell to 16.0 in February from 23.2 in January. More than 26% of the firms posted increases in current activity this month as 10% posted decreases.
- The index for new orders dropped 4 points to a reading of 14.2, and the current shipments index dropped 7 points to 13.4, its lowest level since August 2020.
- Firms are responding to its Manufacturing Business Outlook Survey continue to expect growth in the next six months.
On balance, the firms posted increases in manufacturing employment, and the current employment index jumped 6 points to 32.3. Nearly 38% of the firms posted higher employment.
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