Photo: John Salvino via Flickr
UPDATE:A solid report.
The headline number on the March Philadelphia Fed index jumped from 10.2 to 12.5, beating expectations of 12.0.
The employment sub-index rebounded nicely from 1.1 to 6.8
New Orders were a big weak, dropping from 11.7 to 3.3, though again, that’s still growth.
Bottom line. A solid report. Confirms that the economy is not falling off the rails yet.
More to come…
This is our last big economic datapoint of the day.
At 10:00 AM, the March Philly Fed index comes out.
Already today we got a strong number from the Empire Fed, another regional survey.
Expectations are for the index to rise to 12.0 from 10.2
We’ll have the number here live.