Philadelphia-area manufacturing activity saw continued growth in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, although the pace of growth slowed from the previous month.<\/p>\n
The Philly Fed said its diffusion index for current activity dipped to 23.1 in February from 26.5 in January, but a positive reading still indicates growth in regional manufacturing activity. Economists had expected the index to drop to 20.0.<\/p>\n
The decrease by the headline index was partly due to a slowdown in the pace of growth in new orders, as the new orders index slumped to 23.4 in February from 30.0 in January.<\/p>\n
The shipments index also edged down to 21.5 in February from 22.7 in January, indicating a modest slowdown in the pace of growth.<\/p>\n
On the other hand, the report said the number of employees index climbed to 25.3 in February from 22.5 in January, suggesting faster job growth.<\/p>\n
The prices paid index also jumped to 54.4 in February from 45.4 in January, while the prices received index plunged to 16.7 from 36.6.<\/p>\n
Looking ahead, the Philly Fed said most future indexes moderated this month but continue to indicate that firms expect growth over the next six months.<\/p>\n
The diffusion index for future general activity tumbled to 39.5 in February after jumping to 52.8 in the previous month.<\/p>\n