US: Philly Fed manufacturing index declines to 22.3 in March

Results from the Manufacturing Business Outlook Survey, conducted by the Federal Reserve Bank of Philadelphia, suggest continued growth for the region’s manufacturing sector.

Key takeaways: 

   •  The diffusion index for current general activity remained positive but declined, from 25.8 in February to 22.3 this month. 
   •  The current new orders index increased 11 points, with 52 percent of the firms reporting an increase in new orders. 
   •  The shipments index increased 17 points. 
   •  The indexes for unfilled orders and delivery times were positive and increased 6 points and 10 points, respectively. 
   •  Inventories were higher this month: The current inventories index increased from -0.9 to 16.5.
   •  The current employment index edged slightly higher to 25.6, its highest reading in five months.