Philly Fed index edges past forecasts in March, price pressures ease

Factory sector activity in the U.S. mid-Atlantic region was little changed in March, the results of a closely-followed survey showed.

The Federal Reserve Bank of Philadelphia's manufacturing sector index drifted lower, from a reading of 5.2 for February to 3.2 (consensus: -2.3).

Nevertheless, perhaps the most important sub-index, which tracks new orders, improved from -5.2 to 5.4.

So too, the sub-index for prices paid fell from 16.6 to 3.7.

A gauge linked to staffing levels was little changed at -9.6 after a reading of -10.3 in February.

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