Philly Fed: business outlook still bleak
The Philly Fed says the manufacturing in the Mid-Atlantic region has improved, but the results of its business outlook survey on Thursday were still bleak.
Manufacturing in March saw an improvement at negative 17.4, up from negative 24.0 in February. Last month represented the lowest manufacturing activity level in seven years. The index reached negative 29.6 in February 2001, just prior to the U.S. entering recession. A figure of zero or above represents growth in manufacturing for the region. The Street had anticipated a figure of negative 20.