FXstreet.com (Barcelona) - Manufacturing activity un the Plhiladelphia Fed area seems to have sank even lower in February, after having fallen significantly in January, according to the latest report by the Federal Reserve of Philadelphia.

The index for current activity dropped to -24.0 points in January from -20.9 points in December, with 40% of the companies reporting that activity remained unchanged on the month, nevertheless 42% of the companies reported decreases, a percentage sharply higher than the 18% of January.

Demand for manufactured goods increased somewhat but yet in negative figures, as the new orders index rose to -10.9 from -15.2 in January

The outlook for the area's manufacturing sector does not look much better, as the future general activity index declined from 5.2 in January to -16.9, its first negative reading since January 2001. The employment index increased to 2.5 in February from -1.5 in January.