Fed’s Philly index falls sharply
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Manufacturing News, Source : TheManufacturer.com
Published : 21 Feb 2003 16:08
The Federal Reserve Bank of Philadelphia’s business conditions index dropped significantly in February to 2.3 from 11.2 in January, according to its latest release.
The survey’s new orders component fell to 14.1 from 17.3 in January, and its employment component delivered an increase to -0.9 from -6.1 in previous months.
A reading above 0 shows growth, and although the reading still indicates that manufacturing is expanding, the sudden hit has shaken most prospects of an expedient industry rebound. The Fed’s survey also pointed to a lack of capital spending more than the uncertainty of war as the main cause for the slow down.
Manufacturing is doing a little better than it was in the fall, but I suspect it’s going to be tough to sustain without a resolution to the war situation, said Stephen Stanley, RBS Greenwich Capital economist.
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