Manufacturers in the Philadelphia region have seen a decline in activity in the month of February, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its index of current activity fell to a negative 12.5 in February from a negative 5.8 in January, with a negative reading indicating a contraction in regional manufacturing activity.
The drop by the Philly Fed index came as a surprise to economists, who had been expecting the index to climb to a positive 1.1.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.