The Federal Reserve (Fed) Philadelphia Branch has revealed that the manufacturing index in the Mid-Atlantic region has fallen to -23.2 in March. This is lower than the analysts’ expectations of a -5.6 level, and down from the February level of -24.3.
The manufacturing index remains below the 0 level, which indicates that the manufacturing sector in the Mid-Atlantic region is still in contraction for the seventh consecutive month.
The manufacturing index is influenced by the level of new orders and employment, as well as the confidence level in the business sector.
This news is likely to raise concerns among investors and economists, as the manufacturing sector is a key driver of economic growth. It remains to be seen whether the Fed will take any action in response to the lower-than-expected manufacturing index.