The Philadelphia Federal Reserve's manufacturing index came in at -2.8 for February.
Economists had estimated the index at -3, rising from a three-year low of -3.5, according to Bloomberg.
The special question to manufacturers in February was about expected changes to prices received for goods and services over the next year.
In a morning note to clients, Societe Generale economists wrote,
"Preliminary evidence from yesterday's industrial production report suggests that the manufacturing slowdown is beginning to turn the corner, and as such, we are optimistic that the PhiladelphiaFed's manufacturing index will reach, but not exceed, the zero threshold for the month of February. Additionally, President Williams (San Francisco, non-voting) will be in the news today, delivering a speech on the outlook."
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