Investing.com - Manufacturing activity in the Philadelphia area edged up in February, increasing optimism over the health of the economy.
The Philadelphia Fed's manufacturing index rose in February, to a reading of 25.8 from 22.2 in January, the Philly Fed reported on Thursday. The consensus forecast had been for a reading of 21.1. While the reading was higher, the index has stayed within a narrow range for the last nine months.
Any reading above zero indicates improving conditions, below indicates worsening conditions.
The other indicators also sugggested growth in the region, especially for current new orders, which surged to 24.5 from 10.1 in the month prior.
The Fed employment rose to 25.2 in February from 16.8, while prices paid jumped to 45.00 from 32.90 in January. The Philly Fed business conditions index was up one point, to 41.2 and the CAPEX index was at 40.40 compared to 36.20 in January.