US: Philadelphia Fed Manufacturing Index jumps to 51.8 in March vs. 23.1 expected
- Philly Fed Manufacturing Index rose sharply in March.
- US Dollar Index continues to erase Wednesday's losses.
The Federal Reserve Bank of Philadelphia reported on Thursday that the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey improved sharply to 51.8 in March from 23.1. This reading beat the market expectation of 23.1 by a wide margin.
Key takeaways
"Nearly 59% of the firms reported increases in current activity this month (up from 35% last month), while only 7% reported decreases (down from 11%).
"The current new orders index also increased substantially to a 50-year high, rising 28 points to 50.9 in March."
"The current shipments index increased 9 points to 30.2."
"The current employment index increased from a reading of 25.3 in February to 30.1 this month."
"The prices paid index rose sharply from 54.4 to 75.9, its highest reading since March 1980."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.35% on the day at 91.75.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
