Factory Output Slows in U.S. Mid-Atlantic Amidst Surging Input Prices
Factory output in the U.S. mid-Atlantic region decelerated in February due to soaring input prices. The Philadelphia Federal Reserve's manufacturing index plummeted by 26.2 points to 18.1, driven by a surge in prices paid for production materials to their highest level in nearly 2.5 years. The prices paid index rose to 40.5, its highest since October 2022, from 31.9 in January. Other indicators, such as employment, new orders, business expectations, and investment plans, also declined.