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Philadelphia Fed Manufacturing Index Rises To 43.3 In February

Editor's Note: Updating earlier story with more details from report, current prices.

(Kitco News) - The index for current general activity in the Philadelphia Fed’s manufacturing business outlook survey rose to 43.3 in February from 23.6 in January, the regional central bank reported Thursday.

The consensus expectations compiled by various news organizations were for a reading of somewhere around 17.5 to 19.3.

The stronger-than-forecast report came out at the same time as weekly jobless claims and January housing starts. Comex April gold maintained its stronger tone from overnight, trading up $6.10 to $1,239.2 an ounce at of 8:50 a.m. EST.

The Philadelphia Fed said the index for new orders rose to 38.0 from 26.0, while the shipments index climbed to 28.6 from 20.5.

The inflation components eased. The index for prices paid fell to 29.9 from 32.5, while the prices-received reading fell to 10.6 from 26.8.

The employment indices were mixed. The index for number of employees slipped to 11.1 from 12.8, while the reading for the average workweek rose to 13.6 from 6.8.

By Allen Sykora of Kitco News; asykora@kitco.com

 

 

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