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Philly Manufacturing Activity Steady For February

The Philadelphia Federal Reserve reports that there is little change from January to February.

According to the Philadelphia Federal Reserve, the indicators for general activity, new orders, shipments and employment hovered around zero, indicating little change from January.

General activity dropped from 8.3 in January to 0.6 in February. New orders slipped from 1.3 in January to -0.5 and shipments, which had increased 10 points in January, fell 22 points in February, its lowest level since September.

Delivery times and unfilled orders remained negative, meaning shorter delivery times and fewer unfilled orders.

Sixty-two percent of firms said employment remained steady in February, with 19 percent indicating employment decreases and 19 percent indicating increases.  

Costs continue to increase, with 32 percent citing higher input costs. Sixteen percent said input costs decreased, the highest percentage in five years.

Prices paid was up 4 points, but has been on a downward trend during the last 6 months.

Optimism in the sector was moderate, with future general activity slipping 2 points, an increase of 4 points for future new orders, a 5 point decrease in future shipments and a 3 point decrease in future employment.

To review the entire survey, click here.