Investing.com - The U.S. Philly Fed manufacturing index fell from February’s highs this month but still pointed to solid growth, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its manufacturing index, a measure of manufacturing activity in the Philadelphia region, came in at 32.8 this month, down from February’s six year highs of 43.3, on a gauge where readings above zero indicate improving conditions.
Economists had expected a reading of 30.0.
The current new orders and shipments indexes increased, rising 1 point and 4 points, respectively, the report said.
Both the delivery times and unfilled orders indexes were positive for the fifth consecutive month, suggesting longer delivery times and an increase in unfilled orders.
Readings on the labor market were positive. The employment index rose by six points to 17.5, indicating a faster pace of hiring.