Philly Area Manufacturing Sees Continued Weakness

Measures of current and future activity in the region continued to slide in February, while future employment fell into negative numbers.

PHILADELPHIA β€” Activity in the region’s manufacturing sector weakened in February, according to the Philadelphia Federal Reserve.
 
The index of current activity fell from -20.9 in January to -24 this month.
 
The new orders index remained negative, but rose from -15.2 to -10.9. The current shipments index fell 10 points from -2.3 to -12.2. Unfilled orders and delivery times also remained negative.
 
The current employment index rose from -1.5 to 2.5.
 
The prices paid index was slightly lower, moving from 49.8 in January to 46.6 this month. The prices received index declined from a 39-month high of 32 in January to 24.3 in February.
 
The outlook for the next six months deteriorated, with the future general activity index dropping from 5.2 to -16.9, its lowest reading since 1990.
 
For the first time since 2001, the future employment index fell below zero, dropping from 18.8 to -8.8.
 
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