Investing.com - Manufacturing activity in the Philadelphia-region expanded at the fastest pace in three months in March, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 2.0 in March from February’s reading of minus 12.5.
Analysts had expected the index to improve to a reading of minus 2.0 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Indicators for general activity and new orders increased notably, following negative readings over the previous two months.
The new orders index increased from a reading of -7.8 in February to 0.5, its first positive reading in three months.
Labor market conditions showed continued signs of stability, but little overall growth. The employment index increased from 0.9 in February to 2.7 this month, its second consecutive positive reading.
The survey’s future indicators suggest that firms expect growth in business over the next six months. The future general activity index increased slightly from a reading of 32.1 to 32.5, its fourth consecutive monthly increase.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.24% to trade at 1.2904.
Meanwhile, U.S. equity markets were lower after the open. The Dow Jones Industrial Average fell 0.3%, the S&P 500 index declined 0.3%, while the Nasdaq Composite index lost 0.8%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 2.0 in March from February’s reading of minus 12.5.
Analysts had expected the index to improve to a reading of minus 2.0 in March.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Indicators for general activity and new orders increased notably, following negative readings over the previous two months.
The new orders index increased from a reading of -7.8 in February to 0.5, its first positive reading in three months.
Labor market conditions showed continued signs of stability, but little overall growth. The employment index increased from 0.9 in February to 2.7 this month, its second consecutive positive reading.
The survey’s future indicators suggest that firms expect growth in business over the next six months. The future general activity index increased slightly from a reading of 32.1 to 32.5, its fourth consecutive monthly increase.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.24% to trade at 1.2904.
Meanwhile, U.S. equity markets were lower after the open. The Dow Jones Industrial Average fell 0.3%, the S&P 500 index declined 0.3%, while the Nasdaq Composite index lost 0.8%.