March Philly Fed +12.5 vs +8.5 expected

• Prior was +18.1

Details:

• 6 month index: 5.6 vs 27.8 last month
• Capex index 6-month forward: 13.4 vs 14.0 last month
• Employment: 19.7 vs 5.3 last month
• Prices paid: 48.3 vs 40.5 last month
• New orders: 8.7 vs 21.9 last month
• Shipments: 2.0 vs 26.3 last month
• Unfilled orders: 0.6 vs 1.4 last month
• Delivery time: 4.1 vs 12.4 last month
• Inventories: -5.7 vs -0.4 last month
• Average workweek: 8.7 vs 2.9 last month

The headline stabilized and employment rebounded but there was a sharp drop in new orders and the forward-looking index.

From the release:

Manufacturing activity in the region
expanded overall but was less widespread,
according to the firms responding to the March
Manufacturing Business Outlook Survey. The
survey’s indicators for current general activity,
new orders, and shipments declined but
remained positive. The employment index rose
to a multiyear high. Both price indexes remain
elevated. The survey’s future indicators suggest
less widespread expectations for growth over
the next six months

This article was written by Adam Button at www.forexlive.com.