Source: Philadelphia Fed
The diffusion index, gauging the current general activity in the US Manufacturing was recorded at 27.4 in March, up 11 points and the highest since November last year. SPY is down -0.073%, DXY is down -0.29%.
- At least 40% of firms reported gains in manufacturing activity in March, with 13% of them saying they experienced declines.
- The current shipments index rose by 17 points to 30.2, while the new orders index was up 12 points to 25.8, both at the highest level since November 2021.
- Firms reported increased hiring, with the employment index hitting a record 38.9. The average workweek index rose by 11 points to 21.4.
- Costs remained elevated, with the prices paid rising by 12 points to 81.0, the highest since June 1978. The current prices received gauged ticked higher by 5 points to 54.4.
- Firms also reported a rise in production and capacity utilization. The manufacturing firms cited labor and supply chain issues and impacts from the energy markets as an impediment to greater output and capacity utilization.
- Manufacturing firms remained optimistic, with almost 41% of them projecting an increase in activity over the next six months against 14% who project declines.
