- Prior month 14.1
- Dow’s Fed February manufacturing index -8.3 versus 14.1 last month
- Output index -9.1 versus 12.2 in January
The index is at its lowest level since September 2024 when the index came in at -9.0.
Details:
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Manufacturing Activity Decline:
- New orders index fell 11 points to -3.5.
- Capacity utilization index dropped 14 points to -8.7.
- Shipments index remained positive but declined to 5.6.
-
Business Conditions Worsen:
- General business activity index plunged 22 points to -8.3.
- Company outlook index fell 24 points to -5.2.
- Outlook uncertainty index surged to 29.2, a seven-month high.
-
Labor Market Weakness:
- Employment index near zero (12% hiring, 12% layoffs).
- Hours worked index fell to -14.2, lowest since mid-2020.
-
Cost & Wage Pressures:
- Raw materials prices index rose 18 points to 35.0, a multiyear high.
- Finished goods prices index inched up to 7.8.
- Wages and benefits index eased to 16.7 from 20.9.
-
Future Outlook:
- Future production index declined to 28.3 from 44.8.
- Future general business activity index dropped to 7.7 from 35.5.
- Other future manufacturing activity indexes remained positive but declined.
US stocks remain under pressure with the:
- S&P index down -22.87 points or -0.38% at 5990.25.
- NASDAQ index is down -196 points or -1.0% at 19326.
- Dow is still marginally higher by 8.67 points or 0.02%.
The small-cap Russell 2000 is down -18.77 points or -0.86% at 2176.45.
Yields have moved to session lows on the weakness, and are now down on the day:
- 2 year yield 4.191%, unchanged
- 5-year yield 4.249%, -0.9 basis points
- 10 year yield 4.409%, -1.0 basis points
- 30 year yield 4.660%, -0.8 basis points
This article was written by Greg Michalowski at www.forexlive.com.
