U.S. Philadelphia Fed Manufacturing index rises in February, sentiment remains strong in region

The Philadelphia Fed’s Manufacturing Index rose in the month of February. The index rose from 22.2 to 25.8, coming in above the consensus expectations of 20. The rebound was mainly driven by an increase in new orders, employment, and prices paid, all of which implies solid demand conditions.

New orders rose 14.4 points, while the employment sub-index rose 8.4 points. Prices paid also recorded a strong rise. Companies recorded a drawdown in inventories in February, another sign that companies continue to be optimistic on demand. Overall, the report implies that manufacturing confidence continues to be solid in the region.

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