Philly Fed Index Drops Less Than Expected In March

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity expanded overall but was less widespread in the month of March.

The Philly Fed said its diffusion index for current general activity slid to 12.5 in March after plunging to 18.1 in February, although a positive reading still indicates growth. Economists had expected the index to slump to 8.5.

The report also said the survey's future indicators suggest less widespread expectations for growth over the next six months, with the diffusion index for future general activity tumbling to 5.6 in March from 27.8 in February.