Given their close proximity to each other on a geographical basis, it shouldn't be too much of a surprise that like the NY Fed report, this morning's release of the Philly Fed came in better than expected. The strongest component of this morning's report was prices paid, followed by prices received. On a positive note for employment, the percentage of companies seeing an increase in their headcount was the third highest subcomponent of the monthly survey.
The charts below show the historical monthly readings of the Philly Fed and each of its subcomponents with recessions highlighted in gray. At a level of 12.5, the overall March reading was the highest since April of 2011, and has now rebounded sharply from last Fall's decline.
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