Manufacturing business outlook climbed further in March, bringing the level to its highest in four months.
Source: Philadelphia Fed
The diffusion index jumped by 11 points to 27.4, marking the highest level since November 2021. The indicator for shipments increased by 17 points to 30.2, and the new orders index grew 12 points to 25.8, with both indexes also the highest since November 2021.
Nearly half of the firms recorded higher employment figures for the month, with the indicator jumping to a record-high of 38.9. The average workweek index also jumped by 11 points to 21.4.
The prices paid index jumped to 81.0, the highest reading since June 1979, while the prices received index increased by five points to 54.4 as over half of the firms recorded increases in prices received for the month.
An increase was recorded in the number of firms with a utilization rate of 90% to 100%, while a decrease was seen in firms that recorded a utilization rate of 60% to 70%. The median capacity utilization rate was 70% to 80%.
The indicator for future general activity fell five points to 22.7, but continued to be slightly above its seven-month average.