Philly Fed Manufacturing Index plummets to -4.1 in February from 17 in January

"The index for current manufacturing activity in the region decreased from a reading of 17.0 in January to -4.1 this month," the Federal Reserve Bank of Philadelphia said in its latest Manufacturing Business Outlook Survey.

Key takeaways from the press release

• This is the index’s first negative reading since May 2016.
• The current new orders index decreased nearly 24 points to -2.4, and the current shipments index decreased 17 points to -5.3.
• Price pressures originating from purchased inputs continued to abate. The prices paid index decreased 11 points to 21.8. 
• The current employment index improved from a reading of 9.6 in January to 14.5 this month. 
• The diffusion index for future general activity held virtually steady this month, at 31.3.