The
Nonmanufacturing Business Outlook Survey, issued by the Federal Reserve Bank of
Philadelphia on Tuesday, showed the region's manufacturing activity was mostly steady
in early February.
According to
the survey, the diffusion index for current general activity decreased to +0.8 this
month from an unrevised +6.8 in January.
This was the lowest reading since October 2023 (-2.8).
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the sales/revenues index inched up 0.2 point to 7.7, remaining in
expansion territory for the fourth straight month. Meanwhile, the new
orders index fell 6.6 points to -4.7, returning into contraction territory after a
slight increase in January. The employment indicators pointed to a mixed tendency – an increase in full-time employment with the corresponding gauge coming in at
+9.1 (-4.8 points from the January level), and a decrease in part-time
employment with the corresponding measure coming in at -4.0 (-14.2 points from
the January level), its lowest level since June 2023 (-5.9). On the price front, price indicators suggest
continued but less widespread advances in prices for inputs and the companies’ goods and services. The prices paid index declined 3.5 points to 30.3, the lowest level since June 2023 (23.4), while the
prices received index dropped 3.1 points to 2.0, also
the lowest level since June 2023 (-3.4).