US: Philadelphia Fed Manufacturing Index rises to 27.4 in March vs. 15.0 expected

The headline Philly Fed Manufacturing Index rose to 27.4 in March from 16.0 in February versus an expected decline.
FX markets did not see much of a reaction to the latest batch of US data.

Joel Frank Independent Analyst

According to a report from the Federal Reserve Bank of Philadelphia released on Thursday, the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey rose to 27.4 in March from 16.0 in February. That was significantly better than the expected decline to 15.0.

Subindices:

The Business Conditions Index fell to 22.7 from 28.1.
The CAPEX Index rose to 24.8 from 21.50.
The Employment Index rose to 38.9 from 32.3, a new record high.
The New Orders Index rose to 25.8 from 14.2.
The Prices Paid Index rose sharply to 81.0 from 69.3, its highest level since 1979.

Market Reaction

FX markets did not see much of a reaction to the latest batch of US data, which was broadly stronger than expected, but won't change much for the Fed.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

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