Philly Fed index edges past forecasts in March, price pressures ease
By Alexander Bueso
Date: Thursday 21 Mar 2024
(Sharecast News) - Factory sector activity in the U.S. mid-Atlantic region was little changed in March, the results of a closely-followed survey showed.
The Federal Reserve Bank of Philadelphia's manufacturing sector index drifted lower, from a reading of 5.2 for February to 3.2 (consensus: -2.3).
Nevertheless, perhaps the most important sub-index, which tracks new orders, improved from -5.2 to 5.4.
So too, the sub-index for prices paid fell from 16.6 to 3.7.
A gauge linked to staffing levels was little changed at -9.6 after a reading of -10.3 in February.
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