Philadelphia Manufacturing Index Drops More Than Expected

n index of manufacturing in the Philadelphia area fell to 11.4 in March, the Federal Reserve Bank of Philadelphia said Thursday.

The index level, a decline from 23.9 in February, was greater than economists had expected, Bloomberg reported. A survey had predicted the index to be 20 for March.

A number greater than zero signals a higher percentage of the manufacturers surveyed reported an improvement in business than deterioration. The index has been in positive territory since June 2003.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.