Philly Fed Index Rebounds Much More Than Expected In March

India, March 21 -- After reporting an unexpected contraction in regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing its index of manufacturing activity rebounded by much more than anticipated in March.

The Philly Fed said its index for current manufacturing activity in the region jumped to a positive 13.7 in March from a negative 4.1 in February, with a positive reading indicating growth. Economists had expected the index to rise to a positive 4.5.

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