PHILADELPHIA (AFX) - The Philadelphia Federal Reserve said its business activity index in March stood at minus 23.5, compared with minus 30.5 in February.
The current prices paid index rose to 15.2 in March from 13.1 in February, while the current prices received index weakened to minus 3.6 from minus 2.9 in February.
Among the report's other sub-indexes, new orders declined to minus 3.1 in March from 9.4 in February.
The Philadelphia Fed said: "Although survey indices improved somewhat this month, they still suggest continuing decline in regional manufacturing activity. The firms participating in this survey report continued declines in employment and average work hours this month." The survey covers manufacturers in most of Pennsylvania and southern New Jersey.