US: Philly Fed Nonmanufacturing Index improves to 36.1 in February from 23.5

Nonmanufacturing sector in Philadelphia area continues to expand in February.
US Dollar Index stays unchanged on the day near 99.30.

Eren Sengezer FXStreet

The economic activity in the nonmanufacturing sector of the Philadelphia region in February expanded at its strongest pace since November 2018 with the headline Diffusion Index of the Philadelphia Fed's Nonmanufacturing Outlook Survey jumping to 36.1 from 23.5.

"The indicators for firm-level general activity, new orders, and sales/revenues strengthened for the second consecutive month. The respondents continued to expect growth over the next six months," the publication read.

USD reaction

The US Dollar Index failed to capitalize on the upbeat reading and was last seen flat on the day at 99.30.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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