Philadelphia Fed Index Climbs to Positive 2.0 in March vs. Negative 12.5 in February

The region's manufacturing sector expanded in March, as the general business conditions index rebounded to positive 2.0 from negative 12.5 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Economists surveyed by Thomson Reuters predicted a reading of negative 8.0 for the index.

The prices paid index was 8.5, compared to 8.9 last month, new orders index surged to positive 0.5 from negative 7.8, shipments grew to 3.5 from 2.4, the unfilled orders index rose to negative 6.4 from negative 11.2, the delivery times index reversed to negative 7.5 from positive 0.2, inventories gained to zero from negative 10.0, prices received widened to negative 0.8 from negative 0.5, the number of employees index rose to 2.7 from 0.9, and the average employee workweek slipped to negative 12.9 from negative 1.6.

The six months from now general business conditions index rose to 32.5 from 32.1 in last month's survey, the prices paid index was at 30.9, up from 26.4 in the prior survey, and the prices received index slid to 16.6 from 25.4. The capital expenditures index slumped to 6.8 from 15.7 last month. The number of employees index decreased to 8.1 from 14.9, while the average workweek index dropped to 3.4 from 6.5. The new orders index dipped to 34.5 from 38.0; shipments grew to 31.2 from 30.3; and the unfilled orders index increased to 6.6 from 4.3. The delivery times index reversed to positive 2.4 from negative 0.4, and inventories widened to negative 5.6 from negative 2.6.

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