Philadelphia Fed’s Manufacturing Index Rises in February

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he Federal Reserve Bank of Philadelphia said Thursday its manufacturing index rose to 23.9 in February from 13.2 in January.

Economists had predicted the Philadelphia bank’s general index would rise to 17, Bloomberg reported.

Any reading greater than zero signals a higher percentage of manufacturers surveyed reported an improvement in business than deterioration. The index reached a 10-year high of 38.8 in January 2004 and has shown expansion since June 2003.

A gauge of prices paid dropped to 43.5, the lowest in a year, from 66.1 in January, Bloomberg said. Prices manufacturers received for their goods fell to 24.6 from 24.7 last month.

he new orders index rose to 11.7 from 9.8 in January, while a measure of shipments jumped to 23.8 from 15.9, Bloomberg reported. However, the index of current manufacturing employment rose to 17 from 14 in December.

The survey covers Delaware, eastern Pennsylvania and southern New Jersey.