Philly Fed beats expectations

Philly cheesesteakYuri Long/FlickrCheese steak from Pat’s King of Steaks in South Philly

The Philadelphia Fed’s manufacturing business outlook survey for March topped expectations, suggesting continued growth in the region’s manufacturing sector.

The index posted a reading of 32.8, against economists’ expectations of 30, down from 43.3 in February, its highest reading since 1984.

“The index has been positive for eight consecutive months and remains at a relatively high reading,” the Philadelphia Fed said in its release.

The new orders and shipments indexes rose by 1 and 4 points respectively. “Indicators reflecting firms’ expectations for the next six months remained at high levels and showed continued improvement, suggesting expectations of continued growth in the manufacturing sector,” it further said.

The survey gauges manufacturing conditions in the Philadelphia Federal Reserve district.

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