U.S. regional non-manufacturing sector continues to expand in March: survey

HOUSTON, march 26 (Xinhua) -- Business activities in the non-manufacturing sector in some eastern U.S. states continued to grow in march, the Federal Reserve bank of Philadelphia reported on Tuesday.

The march Nonmanufacturing Business Outlook Survey, conducted by the Federal Reserve bank of Philadelphia, found that the respondents continued to anticipate growth for themselves and for the region over the next six months.

The diffusion index for current general activity at the firm level rose 9 points to 38.3 in march. Readings of this index have returned to 2018 levels, following a slightly negative reading in January.

The new orders index rose 8 points to 24.5. About 32 percent of the firms reported increases in new orders, higher than the share reporting decreases, which was 7 percent.

The sales/revenues index increased by 23 points to 42.5 in march. Nearly 59 percent of the responding firms reported increases in sales/revenues, while only 16 percent reported decreases.

The full-time employment index rose 11 points to 33.3 in march, just below its all-time high reading of 33.7 in September 2018.

The prices paid index rose 12 points to 28.0. Nearly 56 percent of the responding firms reported stable input prices. About 32 percent of the respondents reported increases, while 4 percent reported decreases.

The diffusion index for future activity at the firm level fell from a reading of 58.9 in February to 45.8 this month. While only 11 percent of the firms expected a decrease in activity at their firms over the next six months, 57 percent of the firms expected an increase, down by 9 percent from the previous month.

The Non-manufacturing Business Outlook Survey is a monthly survey of non-manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.

The Federal Reserve bank of Philadelphia is one of the 12 regional Reserve banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.