A worker in the mid-Atlantic manufacturing sector works with raw aluminum materials. (PHOTO: REUTERS)
The Philadelphia Federal Reserve’s Manufacturing Business Outlook Survey continued to show mid-atlantic manufacturing in contraction in February. The Philadelphia Fed said its index of general business activity covering the region rose to -2.8 from -3.5 in January, marking the sixth straight month of contraction.
Economists surveyed by The Wall Street Journal expected a decline to -4.0.
“The survey’s labor market indicators suggest continued weak employment conditions,” the report said. “The employment index decreased 3 points, from -1.9 to -5.0. About 63 percent of the firms reported no change in employment this month, and the percentage reporting decreases (20 percent) was slightly larger than the percentage reporting increases (15 percent).”
“While there was an increase in shipments pushed the index up this month, the remaining indexes showed weakened conditions. The new orders subindex fell at a faster pace than in January, just as the number of hours employees worked continued to decline.
