Philly Fed manufacturing index turns positive in March

Manufacturing conditions in the Philadelphia region improved far more than expected in March, turning positive for the first time in seven months, according to the latest report from the Federal Reserve Bank of Philadelphia.

The diffusion index rose from a reading of -2.8 in February to 12.4, by far exceeding economists’ expectations for a reading of -1.7.

The index for current new orders also returned to positive territory, up 21 points to 15.7, while the index for current shipments advanced 20 points to 22.1.