The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index declined to 5.2 in February from 6. 3 in January, missing expectations for a rise to 8.8. That was the lowest reading since February 2014.

The index fell the third consecutive month.

A reading above zero indicates expansion.

The survey's future activity index declined from a reading of 50.9 in January to 29.7 in February, but continues to reflect general optimism about manufacturing growth in the region over the next six months.