U.S. regional manufacturing activity expand in February

Source: Xinhua | 2020-02-21

U.S. Federal Reserve Bank of Philadelphia on Thursday reported that regional manufacturing activity increased in February.

According to the February Manufacturing Business Outlook Survey, the current indicators for general activity, new orders and shipments increased this month, suggesting more widespread growth.

The diffusion index for current general activity increased nearly 20 points this month to 36.7, its highest reading since February 2017.

The firms reported overall increases in manufacturing employment this month, but the current employment index decreased 10 points to 9.8. Just 18 percent of the firms reported higher employment, compared with 28 percent last month. The average workweek index, however, increased 5 points.

The survey's future indexes indicated that respondents continue to expect growth over the next six months.

The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey and Delaware.

The Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington, D.C., make up the Federal Reserve System.