Economy
March 18, 2021
Philadelphia Fed Manufacturing Index Soars in March
Written by Sandy Williams
The Philadelphia Fed Manufacturing Index surprised the markets with a massive increase in March, reaching its highest level in nearly 50 years. The index shot up nearly 29 points to 51.8 in March from 23.1 in February. Market economists were expecting a reading between 22 and 24.5.
An increase in business activity was reported by 59% of firms, up from 35% last month. New orders rose 28 points to 50.9 and shipments gained 9 points to register 30.2.
