A report released by the Federal Reserve Bank of Philadelphia on Thursday showed an unexpected acceleration in the pace of growth in regional manufacturing activity in the month of March.
The Philly Fed said its diffusion index for current activity jumped to 27.4 in March from 16.0 in February, with a positive reading indicating growth in regional manufacturing activity. The increase surprised economists, who had expected the index to edge down to 15.0.
Looking ahead, firms remained generally optimistic about growth over the next six months, although the diffusion index for future general activity fell to 22.7 in March from 28.1 in February.
