The Philadelphia Fed's manufacturing business outlook survey for March topped expectations.
The Philadelphia Fed's manufacturing business outlook survey for March topped expectations, suggesting continued growth in the region's manufacturing sector.
The index posted a reading of 32.8, against economists' expectations of 30, down from 43.3 in February.
The reading crushed expectations in February, recording its highest reading since 1984 and biggest beat since 1998.
"The index has been positive for eight consecutive months and remains at a relatively high reading," the Philadelphia Fed said in its release.
The new orders and shipments indexes rose by 1 and 4 points respectively. "Indicators reflecting firms’ expectations for the next six months remained at high levels and showed continued improvement, suggesting expectations of continued growth in the manufacturing sector," it further said.
The survey gauges manufacturing conditions in the Philadelphia Federal Reserve district.
from pulse.ng - Nigeria's entertainment & lifestyle platform online http://ift.tt/2nr5AQc
via IFTTT
