Mid-Atlantic manufacturing slides into negative territory

PHILADELPHIA, Feb. 20 (UPI) -- The Philadelphia Federal Reserve Bank said the monthly mid-Atlantic manufacturing index dropped into negative territory in February.

After eight months above zero, the index, reflecting results of a survey taken in the first half of each month, fell from 9.4 in January to minus 6.3 in February.

Numbers above zero indicate growth.

The Fed said the new orders index fell from 5.1 to minus 5.2 and the current shipments index slipped from 13 to minus 9.9.

The survey indicated hiring expanded, with the employment index down 5 points, but remaining above zero at 4.8.

An index measuring the average number of hours worked remained negative, dropping from minus 5.3 to minus 7.