Philadelphia Fed Factory Index Drops to 18-Year Low

Manufacturing levels in the Philadelphia region contracted in February, the Federal Reserve Bank of Philadelphia said Thursday. The contraction was at the fastest pace in more than 18 years.

The area’s economic index was negative 41.3, compared to negative 24.3 in December.

Figures greater than zero indicate expansion, while those less than zero show contraction.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.