India, March 20 -- A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity expanded overall but was less widespread in the month of March.
The Philly Fed said its diffusion index for current general activity slid to 12.5 in March after plunging to 18.1 in February, although a positive reading still indicates growth. Economists had expected the index to slump to 8.5.
The diffusion index for current general activity continued to give back ground after skyrocketing to its highest level since April 2021 in January.
The extended pullback by the headline index came amid steep drops by the new orders and shipments indexes, which fell sharply but remained positive.
The new orders index tumb...