A reading on Philadelphia-area manufacturing activity spiked to a nearly 50-year high in the month of March, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday.
The Philly Fed said its diffusion index for current activity soared to 51.8 in March from 23.1 in February, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to come in unchanged.
With the substantial increase, the Philly Fed Index skyrocketed to its highest level since hitting 53.6 in April of 1973.
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