Philadelphia Manufacturing Slows in March

anufacturing growth in the Philadelphia area slowed in March but costs eased, the Federal Reserve Bank of Philadelphia said Thursday.

The Philadelphia economic index fell to 12.3 from 15.4 last month. Analysts had forecast a drop to 13.5, Bloomberg reported.

Index readings greater than zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.

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