The Philadelphia Fed's manufacturing index slowed to a reading of 5.2 in February, the lowest level in a year. The reading was below the 6.3 in January and the 8.0 forecast in a MarketWatch-compiled economist poll. Any reading above zero indicates expansion. The subcomponent for new orders fell to 5.4 from 8.5, while the shipments index improved to positive 8. 1 from negative 6.9. Employment rose to positive 3.9 from negative 2.0.
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