US: Philadelphia Fed Manufacturing Index falls to 16.0 in February vs. 20.0 expected

Joel Frank Independent Analyst

According to a report from the Federal Reserve Bank of Philadelphia released on Thursday, the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey fell to 16.0 in February from 23.2 in January, bigger than the expected decline to 20.0.

Subindices:

Employment Index rose to 32.3 from 26.1 in January.
Prices Paid Index fell to 69.3 from 72.5.
New Orders Index fell to 14.2 from 17.9.
6-month Expectations Index fell to 28.1 from 28.7.
Capital Expenditures Index fell to 21.5 from 26.2.

Market Reaction

FX markets seem far more focused on geopolitics right now and, thus, there has not been a notable reaction to the latest data.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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