"Manufacturing activity in the central Atlantic region expanded for the fifth straight month," according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond.
"All broad indicators — shipments, new orders and employment — posted solid gains. Other indicators also suggested stronger activity," the Richmond Fed said.
Index readings above zero show expansion, while numbers below zero indicate contraction. The manufacturing index increased to 25 in February from 18 in January.
Shipments gained to 23 from 29, the Fed reported. Volume of new orders rose to 27 from 17, while the backlog of orders index increased to 12 from 5.
As for the future outlook six months from now, the shipments index was 49, up from 38 last month, while the volume of new orders index increased to 48 from 40, and backlog of orders surged to 31 from 18.
