PHILADELPHIA, Feb. 16 (UPI) -- The Philadelphia Federal Reserve Bank said key mid-Atlantic manufacturing indexes showed gains in February.
The monthly business survey, taken midway through the month, found the diffusion index of manufacturing activity rose from 7.3 to 10.2, the highest level since October.
Business growth has climbed dramatically from August, when the diffusion index stood at minus 30.7.
In February, the index for new orders was positive for the fifth consecutive month, rising from 6.9 to 11.7.
Numbers below zero indicate a contraction, while numbers above zero indicate growth.
Employment showed growth but fell from 11.6 in January to 1.1 in February, remaining positive, although just barely, for the sixth consecutive month.
In the February survey, the percentage of firms indicating they were hiring, 14 percent, was only slightly higher than the 13 percent that indicated they were decreasing the size of their payrolls.
