MW: Philly Fed index moves into expansionary territory
By Jeffry Bartash
WASHINGTON (MarketWatch) - Business among manufacturers in the Philadelphia region improved sharply in March, the Philadelphia Federal Reserve said Thursday. The bank's business-conditions index climbed to 2.0% from negative 12.5 in February. Economists polled by MarketWatch expected the index to rise to 0%. Readings above zero indicate that more companies are expanding their business instead of shrinking it. The Fed also reported that the index for new orders climbed to 0.5% in March from negative 7.8, the first positive reading in three months. The index for hiring plans increased to 2.7% from 0.9% in February.
