US Philadelphia Fed manufacturing index hits 4-month high

By Ovunc Kutlu

ANKARA (AA) – US Philadelphia Federal Reserve announced on Thursday its manufacturing index in March hit the highest level in four months.

The index for current general activity rose 11 points to 27.4 this month, its highest point since November 2021.

Market expectation for the index was to come in at 15, while it stood at 16 in February.

“More than 40% of the firms reported increases in current activity this month,” the Philadelphia Fed said in a statement, marking a 26% jump from last month.

“Firms continued to report increases in employment, and the employment index rose to 38.9, its highest reading ever,” it added.

A level above zero in the index indicates improving conditions, while anything below indicates worsening conditions.