Investing.com – Manufacturing activity in Philadelphia soared unexpectedly in March, rising to the highest level since January 1984, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index advanced to 43.4 in March, compared to a reading of 35.9 in February.
Analysts had expected the index to decline to 29.9 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the report, all of the broad indicators showed improvement, with new orders continuing to expand. Firms also reported a pickup in hiring with a higher percentage of firms expanding payrolls. Increases in input prices continue to be widespread, and more firms have been reporting increases in prices for their manufactured goods in recent months.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.68% to hit 1.3993.
Meanwhile, U.S. stock markets were broadly higher after the open. The Dow Jones Industrial Average jumped 1.1%, the S&P 500 index surged 1.3%, while the Nasdaq 100 climbed 1.45%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index advanced to 43.4 in March, compared to a reading of 35.9 in February.
Analysts had expected the index to decline to 29.9 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the report, all of the broad indicators showed improvement, with new orders continuing to expand. Firms also reported a pickup in hiring with a higher percentage of firms expanding payrolls. Increases in input prices continue to be widespread, and more firms have been reporting increases in prices for their manufactured goods in recent months.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.68% to hit 1.3993.
Meanwhile, U.S. stock markets were broadly higher after the open. The Dow Jones Industrial Average jumped 1.1%, the S&P 500 index surged 1.3%, while the Nasdaq 100 climbed 1.45%.