Philly Fed Data Heats Up

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