--Phila. Fed March prices-paid index 15.2 vs February 13.1
--Phila. Fed March prices-received index -3.6 vs February -2.9
--Phila. Fed March inventories index -22 vs February -6.3
--Phila. Fed March new orders index -3.1 vs February -19.6
--Phila. Fed March employment index -6.3 vs February -7.9
--Phila. Fed March future business index 20.9 vs February 4.8

By Bridge News
New York, March 15 (BridgeNews)- The Federal Reserve Bank of Philadelphia Research Department on Thursday reported its manufacturing index in March rose to -23.5 from -30.5 in February, but remained negative for the fourth straight month. Regional manufacturing activity continues to decline, but firms have become more optimistic about the future, with the future business index rising to 20.9 in March versus 4.8 in February, the Philadelphia Fed said.
* * * "Manufacturing has been in decline since the end of last year, and this month's business outlook survey suggests overall conditions in the manufacturing sector have continued to deteriorate, although at a slower rate than last month," the Philadelphia Fed said.
The inventories index fell sharply to -22 in March from -6.3 in February and the new orders index rose to -3.1 from -19.6 in February. The prices paid index rose to 15.2 in March, compared with 13.1 in February, while the prices-received index was -3.6, down from -2.9 in February.
The employment index rose to -6.3 in March, compared with -7.9 in February.
All the manufacturers in this survey are located in the third Federal Reserve district, which includes Delaware, the eastern two-thirds of Pennsylvania and southern New Jersey.
About 150 companies--all of which have 350 employees or more--are surveyed each month.
See story .4703 for the full text of the December report.

March February January December November
General Business -23.5 -30.5 -36.8 -4.2 4.7
New Orders -3.1 -19.6 -30.9 4.0 4.9
Shipments -3.6 -29.0 -30.8 3.1 10.5
Unfilled Orders -19.2 -14.9 -25.6 -14.3 1.7
Delivery Times -22.0 -10.3 -22.0 -10.3 -8.9
Inventories -22.0 -6.3 -13.2 -9.1 -4.2
Prices Paid 15.2 13.1 12.9 15.8 19.9
Prices Received -3.6 -2.9 -5.5 -3.2 -1.1
Number of Employees -6.3 -7.9 -23.5 -12.4 -6.0
Avg. Employee Workweek -13.2 -25.7 -27.3 -13.9 -0.6
Future business conditions 20.9 4.8 -16.3 -4.2 7.3