Investing.com – Manufacturing activity in the Philadelphia-region expanded at a faster rate than expected in February, rising to the highest level since October, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 2.9 points to 10.2 in February from January’s reading of 7.3.
Analysts had expected the index to improve by 1.1 points to 8.4 in February.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey’s broad indicators for general activity, new orders, and shipments all increased from their readings in January.
The new orders index was positive for the fifth consecutive month and increased from 6.9 to 11.7. The shipments index also remained positive and increased 9 points.
The current employment index, which has been positive for six consecutive months, fell from a reading of 11.6 in January to 1.1 this month, suggesting little overall growth in employment.
The survey’s broad indicators of future activity fell from levels in recent months but continue to reflect optimism about future manufacturing growth.
Following the release of the data, the U.S. dollar pared gains against the euro, with EUR/USD shedding 0.23% to trade at 1.3037.
Meanwhile, U.S. equity markets added to gains after the data. The Dow Jones Industrial Average rose 0.45%, the S&P 500 index added 0.25%, while the Nasdaq Composite index edged 0.3% higher.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 2.9 points to 10.2 in February from January’s reading of 7.3.
Analysts had expected the index to improve by 1.1 points to 8.4 in February.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey’s broad indicators for general activity, new orders, and shipments all increased from their readings in January.
The new orders index was positive for the fifth consecutive month and increased from 6.9 to 11.7. The shipments index also remained positive and increased 9 points.
The current employment index, which has been positive for six consecutive months, fell from a reading of 11.6 in January to 1.1 this month, suggesting little overall growth in employment.
The survey’s broad indicators of future activity fell from levels in recent months but continue to reflect optimism about future manufacturing growth.
Following the release of the data, the U.S. dollar pared gains against the euro, with EUR/USD shedding 0.23% to trade at 1.3037.
Meanwhile, U.S. equity markets added to gains after the data. The Dow Jones Industrial Average rose 0.45%, the S&P 500 index added 0.25%, while the Nasdaq Composite index edged 0.3% higher.