Economic Buzz: Philly Fed Index Signals Slower Growth In February

18 Feb 2022 , 08:58 AM

The Philly Fed said its diffusion index for current activity slid to 16.0 in February from 23.2 in January, although a positive reading still indicates growth in regional manufacturing activity, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The bigger than expected decrease by the headline index came as the new orders index fell to 14.2 in February from 17.9 in January, and the shipments index tumbled to 13.4 from 20.8. On the other hand, the number of employees index climbed to 32.3 in February from 26.1 in January, indicating a faster rate of job growth. Looking ahead, the Philly Fed said firms responding to its Manufacturing Business Outlook Survey continue to anticipate growth over the next six months. The report showed the diffusion index for future general activity edged down to 28.1 in February from 28.7 in January.

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