Philadelphia factory orders show improvement

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The Philadelphia Federal Reserve Bank said its index gauging manufacturing conditions read 17.6 in February. That marks a rise from 15.2 in January and tops a consensus forecast anticipating a reading of 17, according to figures provided by Briefing.com.

The index, which held positive for a sixth-straight month, is also well-above year-ago levels when the gauge slumped at -36.1.

The index results are culled from a survey of manufacturers in the region. According to the report, several specific readings in the manufacturing realm also showed improvement, including shipments, inventories, and prices received. But the report was quick to highlight a reading on new orders, which surged in February to register 22.7 after hitting a mere 3.2 in January.