This morning's release fo the Philly Fed report for March came in better than expected (2.0 vs -3.0). The table to the right shows the change in the headline index and each of its subcomponents relative to February. As shown, the headline index saw a nice jump this month from last month's level of negative 12.5. Interestingly, while the General Business Index increased by 14.5 points, none of the subcomponents saw a greater increase and only slightly more than half (5 out of 9) increased. The largest decline came in the average workweek which declined from negative 1.6 to negative 12.9.
The charts below show the historical readings of the headline index and each of its subcomponents going back to 1980 with recessions highlighted in gray.