Factory sector activity worsens in US Mid-Atlantic region during March
By Alexander Bueso
Date: Thursday 16 Mar 2023
(Sharecast News) - An anticipated rebound in manufacturing activity in the US mid-Atlantic region failed to materialise in March, the results of a closely followed survey revealed.
The Federal Reserve Bank of Philadelphia's factory sector index edged up from a reading of -24.3 for February to -23.2 in March.
That was worse than the reading of -14.5 that economists had penciled in.
Significantly, the sub-index tracking new orders spilled lower, from -13.6 to -28.2.
Delivery times did improve sharply, as reflected in the a further drop in the corresponding gauge from -13.6 to -24.3.
Subindices linked to staffing levels and the length of the average work week dropped even quickly.
A sub-index tied to the prices paid by firms dipped from 26.5 to 23.5.
-- More to follow --
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