Manufacturing activity in the Philadelphia region was robust in February, according to a report from the Federal Reserve Bank of Philadelphia this morning.
The Philly Fed Index rose to a reading of 35.9, up from a reading of 19.3 in January, and the highest level since January 2004. Economists had expected a reading of 20.8. Readings above zero indicate expansion in the sector.
Consumer prices in the U.S. also rose, according to the Labor Department. The department's Consumer Price Index rose 0.4% in January, amid soaring food and gasoline prices. The core CPI, which excludes volatile food and energy prices, rose 0.2%, the biggest gain since October 2009.
Economists had been looking for a 0.3% increase in the CPI and a 0.1% rise in the core CPI.
On a year-over-year basis, the CPI rose 1.6%, up from a 1.5% year-over-year gain in December. The core rate rose 1% from last January.
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