Investing.com - Manufacturing conditions in the area covered by the Philadelphia Federal Reserve weakened in February, tumbling to their first negative reading in more than two years.
The Philadelphia Federal Reserve's manufacturing index fell to a reading of minus 4.1 from 17.0 in January, the first negative reading since May 2016.
Any reading above zero indicates improving conditions and below indicates worsening conditions.
The Philly Fed noted that indicators for new orders and shipments also fell into negative territory, although the subindex for employment remained positive.
“The survey’s broadest measures (for activity, new orders, and shipments) were negative, yet firms reported continued increases in employment this month,” the report noted.
The Philly Fed also commented that despite the generally weaker readings, "the survey’s future indexes indicate that respondents continue to expect growth over the next six months".