Economic Report: Philly Fed survey shows staying power in March

A tanker truck sits on the lot of a Sunoco refinery in Philadelphia, Pennsylvania.

The Federal Reserve Bank of Philadelphia’s monthly index on regional manufacturers fell to 32.8 in March from 43.3 in February, which was the highest reading in 33 years, according to data released Thursday.

Economists polled by MarketWatch had expected the Philly Fed gauge to pull back to 30 in March.

Any reading above zero indicates that a net share of respondents saw an increase in the level of general business activity. This is the eight consecutive positive reading.

Gauges of new orders and current shipments and employment all improved or were steady in the month, according to the report.

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