Factory activity in US mid-Atlantic region slows modestly in February

Factory activity in the US mid-Atlantic region slowed a little in February, the results of a closely-followed survey revealed.

The Federal Reserve Bank of Philadelphia's headline index slipped from a reading of 23.2 for the month before to 16.0.

Economists had been anticipating a modestly smaller decline to 22.0.

The key sub-index tracking new orders dipped from January's reading of 17.9 to 14.2, while that for shipments fell from 20.8 to 17.7.

Delivery times improved slightly with the sub-index tracking those down from 25.2 to 23.0.

A sub-index linked to the prices paid by companies meanwhile slipped from 72.5 to 69.3.

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