Philly Fed Index Pulls Back Sharply In February

(RTTNews) - Philadelphia-area manufacturing activity continued to expand in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, although the index of activity in the sector pulled back sharply.

The Philly Fed said its diffusion index for current general activity plunged to 18.1 in February after skyrocketing to 44.3 in January, but a positive reading still indicates growth. Economists had expected the index to slump to 20.0.

Looking ahead, the Philly Fed said firms continue to expect growth over the next six months, although expectations were less widespread.