Investing.com - Manufactoring activity in the Philadelphia area fell slighly in March, raising concerns about the strength of the economy.
The Philadelphia Fed's manufacturing index fell in March to a reading of 22.3 from 25.8 in February, the Philly Fed reported on Thursday.The consensus forecast had been for a reading of 23.2.
Any reading above zero indicates improving conditions, below indicates worsening conditions.
Other indicationrs suggested sluggish growth in the region, especially for new orders, which surged to 35.7 from 24.5 in the prior month.
The Philly Fed business conditions rose in March to 47.9 from 41.2 in February while the Fed employment index inched forward to 25.6 from 25.2. Meanwhile prices paid was at 42.60 in March from 45.00 in February and the CAPEX index fell to 35.90 from 40.40.