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Philly Fed index rockets higher to 43.3 in February
MARKETWATCH 8:50 AM ET 2/16/2017
Highest level since January 1984

The Philadelphia Fed said its manufacturing index soared in February to a reading of 43.3 from 23.6 in January. That's the highest level since early 1984.

That is well above the MarketWatch economic consensus was for a reading of 20.

Manufacturing activity in the Philadelphia region has been improving since the middle of last year. This is the seventh straight month of a reading above the zero level that indicates improving conditions.

The new orders index rose 12 points to 39, and the shipments index rose 8.1 points to 28.6.

Price pressures remained moderate.

(

In Philly Fed terms, its like the 1980s or 1990s again! @bespokeinvest pic.twitter.com/3DgchkVLlB

— Keith McCullough (@KeithMcCullough) February 16, 2017

)

The equivalent New York Fed index jumped to 18.7 in February from 6.5 in the prior month.

Ian Shepherdson, chief economist at Pantheon Macroeconomics, said the industrial sector is strengthening as the hit from plunging oil investment fades.

-Greg Robb; 415-439-6400; [e-mail]


(END) Dow Jones Newswires
02-16-170850ET
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