By Allison Prang
A measurement of manufacturing activity by the Federal Reserve Bank of Philadelphia hit its highest level in three years.
The Philly Fed's Manufacturing Business Outlook Survey for February had a diffusion index for current general activity of 36.7, the Philly Fed said Thursday. That marked a large jump from its reading of 17 in January. February's reading was the highest since February 2017, the Philly Fed said.
Economists polled by The Wall Street Journal were expecting a reading of 8.
All of the individual diffusion indexes a part of the survey improved from January except those measuring prices paid and number of employees.
The future general activity diffusion index -- a measurement of firms' impressions of six months ahead -- was 45.4 for February. It rose from 38.4 last month. More than half of the firms surveyed expected activity to rise over the next half a year, the Philly Fed said.
Four of the diffusion indexes measuring expectations six months from now -- unfilled orders, prices paid, number of employees and capital expenditures -- all fell. The rest improved.
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(END) Dow Jones Newswires
February 20, 2020 09:09 ET (14:09 GMT)
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