Jobless Claims Plunge: Initial claims for unemployment benefits fell to 206,000, the lowest level in five weeks. This was significantly lower than the 225,000 forecast, signaling that the labor market remains tight despite layoff fears.
Manufacturing Activity Jumps: The Philadelphia Fed Manufacturing Index surged to 16.3 in February, nearly doubling expectations of roughly 7.5–8.5. This indicates robust expansion in the mid-Atlantic manufacturing sector, a sharp turnaround from previous sluggishness.