Philadelphia Factory Index Plummets

Manufacturing levels in the Philadelphia region this month fell by the most since February 2001, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index fell to a negative 24 reading from 20.9 in January, the Fed said. Figures greater than zero indicate expansion, while figures below zero indicate a contraction.

Economists had expected the index to rise to negative 10, Bloomberg News reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.

The factory sector is one of trucking’s largest and most important customers.