By Ovunc Kutlu
ISTANBUL (AA) - The Philadelphia Federal Reserve in the US announced Thursday its manufacturing index rose in February for the first time since last summer.
The index for current general activity increased 16 points to 5.2 in February, posting its first positive reading since August 2023.
"This is only the index’s fourth positive reading since May 2022," the Philadelphia Fed said in a report.
A level above zero indicates improving conditions, while anything below that shows worsening conditions.
The expectation was for the index to come in at -8.0, after standing at -10.6 in January.
More than 27% of the firms reported increases in general activity this month, while 22% saw decreases and 45% reported no change
The share of firms expecting increases in activity in the next six months was 27%, exceeding the share expecting decreases with 20%, according to the report.