Philadelphia Fed: Non-mfg index activity stronger in March

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The region's services sector accelerated, as the general business conditions index grew to 21.7 in March from 10.0 in February, this month's Federal Reserve Bank of Philadelphia non-manufacturing Report on Business, released Tuesday, indicates.

At the company level, the general business activity index climbed to 38.3 from negative 29.2.

The prices paid index was 28.0, up from 16.3 last month, while prices received rose to 11.0 from 9.1.

New orders index improved to 24.5 from 16.5, sales or revenues soared to 42.5 from 19.4, the unfilled orders index grew to 11.0 from 5.0, the inventories index gained to 10.3 from 3.0, the number of full time employees index rose to 33.0 from 22.0, and the average employee workweek increased to 29.9 from 18.5.

The six months from now regional general business conditions index slid to 27.2 from 27.4, while the company general business conditions index fell to 45.8 from 58.9.

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Economic indicators Federal Reserve Bank of Philadelphia