Interest Rate Roundup reported:
![](//1.bp.blogspot.com/_8rpY5fQK-UQ/SZ4kVCIUgII/AAAAAAAAF7w/wgyAh6LMN6U/s400/phil1.png)
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The Philadelphia Fed index plunged to -41.3 in February from -24.3 in January. That was far worse than the average forecast for a reading of -25 and the lowest reading since October 1990 (-48.2). Subindices tracking new orders, employment, and shipments all fell sharply.
![](http://1.bp.blogspot.com/_8rpY5fQK-UQ/SZ4kVCIUgII/AAAAAAAAF7w/wgyAh6LMN6U/s400/phil1.png)
Though in a bit of a silver lining, the index measuring expectations about the next six months rose to 15.9 from 7.4 a month earlier. That's the highest level since September.
![](http://1.bp.blogspot.com/_8rpY5fQK-UQ/SZ4kLOSINMI/AAAAAAAAF7o/YQo_CEy7wN0/s400/phil2.png)
Source: Philadelphia Fed
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