Philadelphia Factory Index Near Flat in February

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Manufacturing levels in the Philadelphia area fell back to a near-flat level this month following a big jump in January, the Federal Reserve Bank of Philadelphia said Thursday.The area’s economic index fell to a 0.6 reading, from January’s 8.3. In December it had shown the first contraction in a year and a half.Figures greater than zero mean that most businesses report improving conditions. The factory sector is one of trucking’s largest and most important customers. The dip was to a level below that forecast by economists, who predicted a 4.1 reading, Bloomberg reported.The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.