He Philadelphia Fed manufacturing index has improved 1.1 points in March, standing at -23.2 from -24.3 in February. The result disappoints market expectations, which expected an improvement to -14.5.
More than 34% of the companies reported drops in activity, while 11% reported increases; most (53%) reported no change. The Indicators of new orders and shipments fell to their lowest readings since May 2020: The shipments index fell sharply from 8.7 last month to -25.4 this month, and the new orders index fell 15 points to -28.2. More than 35% of companies reported decreases in new orders (no change from last month), while 7% reported increases (up from 22%); 58% reported no changes (versus 41%).
On balance, firms reported a decline in employment. He employment index decreased from 5.1 to -10.3the index’s second negative reading since June 2020 and its lowest reading since May 2020.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
