Philadelphia-area manufacturers reported an unexpected improvement in business conditions in the month of March, the Federal Reserve Bank of Philadelphia revealed on Thursday.
The Philly Fed said its diffusion index for current activity jumped to a positive 12.4 in March from a negative 2.8 in February, with a positive reading indicating growth in regional manufacturing activity.
The index recorded its first positive reading in seven months, while economists had expected a much more modest increase to a negative 1.4.
The material has been provided by InstaForex Company – www.instaforex.com