Philly Fed Manufacturing Index plummets to -4.1 in February from 17 in January
|"The index for current manufacturing activity in the region decreased from a reading of 17.0 in January to -4.1 this month," the Federal Reserve Bank of Philadelphia said in its latest Manufacturing Business Outlook Survey.
Key takeaways from the press release
- This is the index’s first negative reading since May 2016.
- The current new orders index decreased nearly 24 points to -2.4, and the current shipments index decreased 17 points to -5.3.
- Price pressures originating from purchased inputs continued to abate. The prices paid index decreased 11 points to 21.8.
- The current employment index improved from a reading of 9.6 in January to 14.5 this month.
- The diffusion index for future general activity held virtually steady this month, at 31.3.
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