Phila. Fed: Manufacturing matters looking up

There was more good news from Philadelphia-area manufacturers.

Economic conditions at manufacturing plants improved in February with a strong reading in the new orders category, the Federal Reserve Bank of Philadelphia said today.

The general activity index, the broadest measure in the survey, remained positive for the sixth month in a row and rose to 17.6 from 15.2 in January, the Philly Fed said. A negative reading indicates a contraction in the manufacturing sector and a positive reading indicates growth.

In responses to a special question, 21 percent of manufacturing companies said their customers had cut inventory in recent months compared with a year ago, when 67 percent of respondents said customers cut inventories.  

Read the survey here.  - Bob Fernandez