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Manufacturing conditions have continued to improve in the mid-Atlantic region in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the bank's index of manufacturing activity remaining positive for the sixth consecutive month.
The Philly Fed said its index of regional manufacturing activity rose to 17.6 in February from 15.2 in January, with a positive reading indicating growth in the sector. Economists had been expecting the index to increase to a reading of 17.0.
A notable acceleration in the pace of new orders growth contributed to the continued improvement in the manufacturing sector, with the new orders index jumping to 22.7 in February from 3.2 in January. The shipments also rose to 19.7 from 11.0 in the previous month.
Additionally, the report showed a turnaround in inventories, as the inventories index rose to 3.2 in February from a negative 1.6 in January. With the positive reading, the index pointed to the first increase in inventories since September of 2007.
The Philly Fed also noted that the number of employees index rose to 7.4 in February from 6.1 in the previous month, indicating an acceleration in the pace of job growth in the sector. With the increase, the index rose to its highest level since October of 2007.
With regard to inflation, the report showed that the prices paid index edged down to 32.4 in February from 33.2 in January, while the prices received index rose to 3.7 from 2.7 in the previous month.
However, the Philly Fed also said that firms were somewhat less optimistic about the outlook for growth in the manufacturing sector over the next six months, with the future general activity index falling to 35.8 in February from 43.3 in January.
Despite the decrease, the index remained positive for the fourteenth consecutive month, suggesting that firms remain generally optimistic about growth.
Earlier this week, the New York Federal Reserve released a report showing that conditions for New York manufacturers improved at a healthy pace in February, with the index of regional manufacturing activity rising by much more than anticipated.
The New York Fed said its index of activity in the manufacturing sector rose to 24.9 in February from 15.9 in January. Economists had been expecting a more modest increase by the index to a reading of 18.0.
With the increase, the index rose to its highest level since coming in at 33.4 in October of 2009, remaining positive for the seventh consecutive month.
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