Philadelphia Fed Index Slumps to Negative12.5 in February vs. Negative 5.8 in January

The region's manufacturing sector contracted in February, as the general business conditions index slipped to negative 12.5 from negative 5.8 in January, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Economists surveyed by Thomson Reuters predicted a reading of positive 1.0 for the index.

The prices paid index was 8.9, compared to 14.7 last month, new orders index declined to negative 7.8 from negative 4.3, shipments grew to 2.4 from 0.4, the unfilled orders index fell to negative 11.2 from negative 1.0, the delivery times index reversed to positive 0.2 from negative 2.0, inventories slipped to negative 10.0 from negative 6.5, prices received narrowed to negative 0.5 from negative 1.1, the number of employees index rose to positive 0.9 from negative 5.2, and the average employee workweek climbed to negative 1.6 from negative 8.3.

The six months from now general business conditions index rose to 32.1 from 29.2 in last month's survey, the prices paid index was at 26.4, down from 34.3 in the prior survey, and the prices received index grew to 25.4 from 21.7. The capital expenditures index jumped to 15.7 from 6.0 last month. The number of employees index increased to 14.9 from 10.7, while the average workweek index dropped to 6.5 from 8.9. The new orders index gained to 38.0 from 32.5; shipments slid to 30.3 from 38.9; and the unfilled orders index increased to 4.3 from 2.9. The delivery times index narrowed to negative 0.4 from negative 8.5, and inventories widened to negative 2.6 from negative 2.3.

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