U.S. Philly Fed manufacturing index rose 3.6 points to 25.8 in February
U.S. Philly Fed manufacturing index rose 3.6 points to 25.8 in February, better than expected, after falling 5.7 points to 22.2 in January. The 35.5 reading from last May was the high for the year, and the best since the 36.4 from March 2011. Strength was broad-based. The employment component climbed to 25.2 from 16.8, though the workweek slid to 13.7 from 16.7. New orders more than doubled to 24.5 from 10.1. Prices paid rose to 45.0 from 32.9, but prices received dipped to 23.9 from 25.1. The 6-month general business index edged down to 41.2 from 42.2, with employment at 40.4 from 34.9, new orders at 49.1 from 46.2, prices paid at 65.2 from 54.2, and capital expenditures at 40.4 from 36.2. The rise in the prices paid component could add to the markets' fear of rising inflation.