Philly Fed Index Indicates Slower Growth In March
March 15 2018 - 5:59AM
RTTF2
Growth in the Philadelphia manufacturing sector slowed in the
month of March, according to a report released by the Federal
Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general
activity fell to 22.3 in March from 25.8 in February, although a
positive reading still indicates growth in the manufacturing
sector. Economists had expected the index to drop to 23.0.
The bigger than expected decrease by the headline index came
despite increases by both the new orders and shipments indexes.
The new orders index climbed to 35.7 in March from 24.5 in
February, while the shipments index jumped to 32.4 from 15.5.
The report said the number of employees index also inched up to
25.6 in March from 25.2 in February, indicating a slight
acceleration in the pace of job growth in the sector.
On the inflation front, the prices paid index dipped to 42.6 in
March from 45.0 in February and the prices received index fell to
20.7 from 23.9.
The Philly Fed said the diffusion index for future general
activity increased to 47.9 in March from 41.2 in February, as firms
remained optimistic.
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