Philadelphia Index Shows Fourth Straight Month of Contraction

Manufacturing levels in the Philadelphia region showed contraction for a fourth consecutive month in March, the Federal Reserve Bank of Philadelphia said.

The area’s economic index rose to a negative 17.4 reading, from negative 24 in February, the Fed said.

Figures greater than zero indicate expansion and less than zero show contraction.

Economists had forecast a negative 19 reading, Bloomberg reported.

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

The factory sector is one of trucking’s largest and most important customers.