Economic Report: Inflation components of Philly, Empire manufacturing gauges vault in February

Bloomberg News
A worker applies a satin finish to a nickel plated bath fixture inside the Watermark Designs manufacturing facility in Brooklyn, New York

The numbers: Two gauges of manufacturing sentiment showed continued solid growth in February, according to data released Thursday, as both indicates rising price pressures.

The Philadelphia Fed manufacturing index rose to a reading of 25.8 in February from 22.2 in January. Economists had expected a slight retreat to 21.

The Empire State Index, meanwhile slowed to a reading of 13.1 in February from 17.7 in January, the New York Fed said. Economists had expected a reading of 17.5. This is the fourth straight drop after the index hit 28.1 in October.

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