Manufacturing activity in Philadelphia Fed’s district continued to grow in February, according to firms responding to the bank’s February Manufacturing Business Outlook Survey.
The survey’s current indicators for general activity, new orders, and shipments declined from January’s readings but remained elevated and above economists’ forecasts. The employment index rose.
Economists had forecast the measure to decline to between 11 and 23 after last month’s sharp rise to 26.5. The media forecast was for a drop to 20. The Philly Fed said Thursday that its index fell to 23.1, above the most bullish forecast.
The Philly Feds survey covers business in the Third District of the Federal Reserve system. That includes Delaware, southern New Jersey, and eastern and central Pennsylvania.
The new orders gauge fell to 23.4 from 30 in the prior month. The shipments component slid to 21.5 from 22.7 in January. The current employment index increased 3 points to 25.3.
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