The Federal Reserve Bank of Philadelphia announced that the regional business activity index rose to 27.4 points in March from 16 points last month.
Economists expected the index to reach 15 points.
The barometer index of new orders rose to 25.8 points from 14.2 points last month.
The remittance index rose to 30.2 points from 13.4 points.
The figures were much higher than expected. Analysts had moderated their optimism about manufacturing after a similar Empire State survey by the Fed of New York, which showed that manufacturing activity was declining, with the business index index falling by 14.9 points to -11.8 units in March.
The fall is attributed to rising oil prices following Russia’s invasion of Ukraine.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
