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Economic Update: Philadelphia Fed Index
The Philadelphia Fed Index was reported at 18.9 in March, which was above the consensus for a reading of 18.0 and the February reading of 17.6.
The report states, “The region's manufacturing sector is continuing to show signs of growth, according to firms polled for this month's Business Outlook Survey. Indexes for general activity, new orders, shipments, and employment all remained positive this month. The survey's broad indicators of future activity continued to suggest that the region's manufacturing executives expect business activity to increase over the next six months.”
According to Investopedia, the Philly Fed Index is a regional federal-reserve-bank index measuring changes in business growth. The index is constructed from a survey of participants who voluntarily answer questions regarding the direction of change in their overall business activities. The survey is a measure of regional manufacturing growth. When the index is above 0 it indicates factory-sector growth, and when below 0 indicates contraction.
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