The data from the Philadelphia Federal Reserve, or the Philly Fed, has been released. The business index reached a level of 12.5, up from 10.2 in February and against a Dow Jones target of 10.5. The prices paid component was 18.7 against 38.7 in February, and the price received was 8.4 versus 15 in February.
The new orders component was 3.3 versus 11.7 in February and shipments came in at 3.5 versus 15 in February. Inventories came in at 0.9 versus -12.9 in February.
The summary is as follows: “Business Outlook Survey suggest that regional manufacturing activity continued to grow at a moderate pace in March. The survey’s broad indicators for general activity, new orders, shipments, and employment all remained positive. Firms continued to report price pressures, but responses suggest that pressures have eased from the previous month. The survey’s broad indicators of future activity remained at levels consistent with continued optimism.”
JON C. OGG