Economics
Philadelphia Fed Factory Gauge Sizzles Along With Price Gauge
- General activity index climbs to highest in almost 50 years
- Half of respondents boosted wages to ease skills shortages
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The Federal Reserve Bank of Philadelphia’s latest survey of factories showed conditions in the region jumped in March to the highest level since 1973 as orders and shipments improved, while a measure of prices paid for materials soared to a 41-year high.
The general activity index surged by 28.7 points to 51.8, according to a report Thursday. That well exceeded all forecasts in a Bloomberg survey of economists whose median projection called for a reading of 23.3. Readings above zero indicate expansion.