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Philadelphia Fed: Manufacturing Index Takes Big Dive in February

MarketWatch (02/20/14) Gregg Robb

According to the Philadelphia Federal Reserve’s manufacturing index, manufacturers in that region cited worsening conditions in February. The index declined to negative 6.3 in February from 9.4 in January, the weakest reading since last February and the first negative reading since May. Economists surveyed by MarketWatch had forecast a reading of 7.3.

Separately, the flash Markit manufacturing gauge climbed to 56.7, the highest level in nearly four years, from 53.7 in January.