Manufacturing activity in the Philadelphia region contracted in February, the Federal Reserve Bank of Philadelphia said Thursday.
The regional Fed’s index fell to a reading of minus 12.5, the lowest reading since June, from minus 5.8 reading in January.
Readings of more than zero indicate expansion, while those below that show contraction.
The reading was well below economists’ median forecast of 1, Bloomberg News reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.