U.S. mid-Atlantic factory momentum slows as price inputs surge
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FILE PHOTO: A person works with robots at Procter & Gamble's factory in Tabler Station, West Virginia, U.S., May 28, 2021. Picture taken May 28, 2021. REUTERS/Timothy Aeppel/File Photo
(Reuters) - Factory output growth slowed in the U.S. mid-Atlantic region in February as input prices surged, with a measure of prices paid for production materials climbing to the highest in nearly two-and-a-half years even before most of the new tariffs on imports imposed by President Donald Trump are due to take effect.
The Philadelphia Federal Reserve's monthly manufacturing index on Thursday showed it tumbled by 26.2 points - the most in nearly five years - to 18.1 in February from 44.3 in January, which had been the highest in almost four years.
The prices paid index shot to 40.5 - the highest since October 2022 - from 31.9 in January.
Measures of employment, new orders, business expectations and investment plans all slid.
(Reporting By Dan Burns; Editing by Chizu Nomiyama)
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