Federal Reserve Bank of Philadelphia's factory sector index jumps in March

A closely-followed survey of manufacturing sector conditions in the US mid-Atlantic region surprised sharply to the upside.

The Federal Reserve Bank of Philadelphia's factory index jumped from a reading of 23.1 for February to 51.8 in March.

That was far higher than 24.0 print that economists had penciled-in.

A key reason behind the rise in the index was a spike in the sub-index for prices paid from 54.4 to 75.9.

Nevertheless, perhaps the key gauge in the index, which tracks companies' new orders from clients surged alongside, from 23.4 to 50.9.

Shipments also accelerated and job conditions continued to strengthen.

The sub-index linked to the number of employees at companies improved from 25.3 to 30.1 and that for the average length of the employ work week from 30.6 to 39.7.