Philly Fed index slumps further in February

Manufacturing sector activity in the US mid-Atlantic region worsened in February, the results of a closely followed survey revealed.

The Federal Reserve Bank of Philadelphia's factory sector index fell from a reading of -8.9 in January to -24.3 for February.

Economists polled by Dow Jones Newswires had penciled in a print of -7.8.

Perhaps the most important sub-index, that for new orders, slipped from a reading of -10.9 for the month before to -13.6.

A gauge for the prices paid by firms meanwhile edged up from 24.5 to 26.5.

The sub-index for employment retreated from 10.9 to 5.1.

The index tracking expectations for business conditions six months ahead dipped from 4.9 to 1.7.

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