HOUSTON, March 15 (Xinhua) -- The March Manufacturing Business Outlook Survey indicated the manufacturing sector in some eastern U.S. states continued to grow, the Federal Reserve Bank of Philadelphia reported on Thursday.
Responses to the survey, conducted by the Federal Reserve Bank of Philadelphia which is responsible for the Third District covering eastern Pennsylvania, southern New Jersey, and Delaware, suggest that the region's manufacturing sector continues to expand in March.
Although the survey's index for general activity moderated, the indexes for general activity, new orders, shipments, and employment all indicated continued expansion this month.
The diffusion index for current general activity remained positive but declined from 25.8 in February to 22.3.
The indexes for current new orders and shipments recorded notable improvements this month. The current new orders index increased 11 points, with 52 percent of the firms reporting an increase in new orders. The shipments index increased 17 points.
The firms continued to report increases in employment. Nearly 35 percent of the responding firms reported increases in employment, while 9 percent reported decreases this month.
The current employment index edged slightly higher to 25.6, its highest reading in five months.
Looking ahead six months, the firms continued to be optimistic about the outlook for manufacturing in the region.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.
