March 17, 2011, 10:07 a.m. EDT
Factory activity soars in Philadelphia region
WASHINGTON (MarketWatch) -- Manufacturing activity surged in the Philadelphia region in March to its highest level since the summer of 1984, the Philadelphia Federal Reserve reported Thursday. The bank's business condition index rose to 43.4 in March from 35.9 in February. The increase surprised analysts. Economists polled by MarketWatch expected the index to move down to 30.9. The index for new orders jumped to 40.3 in March from 23.7 in February. Despite the gain, the index for number of employees slipped to 18.2 in March from 23.6 in the prior month. The prices paid index edged down to 63.8 in March from 67.2 in February.
I think it is and it isn't. There are a lot of things going on obviously. Market's up but there is some selling so far into rally attempts. Maybe that fades eventually and we move higher. Stay tuned.
