The Federal Reserve Bank of Philadelphia released a report on Thursday showing a modest slowdown in the pace of growth in regional manufacturing activity in the month of March.
The Philly Fed said its diffusion index for current general activity slipped to 3.2 in March from 5.2 in February, although a positive reading still indicates growth. Economists had expected the index to fall to a negative 2.3.
Meanwhile, the report said future activity indicators rose, suggesting more widespread expectations for overall growth over the next six months.