Philly manufacturing growth eases as input prices climb
Manufacturing activity across Philadelphia expanded at a more modest pace in March, according to the region's Federal Reserve Bank, with growth in new orders and shipments easing and input prices hitting their highest in nearly three years.
Source: Sharecast
The Philly Fed manufacturing current general activity index fell to 12.5 from 18 in February, but came in ahead of the consensus estimate of 8.5.
This was the second straight decline in the index since it reached a three-and-a-half-year high of 44.3 in January.
Some 31% of manufacturing firms said activity had increased, when surveyed between 10 and 17 March, down from 41% the month before, while 47% reported no change, up from 35% previously.
The index for new orders dropped 13 points to 8.7, while the shipments index fell 24 points to 2.0. At the same time, the prices paid index rose for the fourth straight month, increasing 8 points to 48.3, its highest since July 2022.
On a positive note, the employment index jumped to 19.7 from 5.3, hitting its highest since October 2022, with 22% of firms reporting increases in staffing levels.
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