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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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Philly Fed Mfg Shipments and New Orders Tumble

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  • The Philly Fed manufacturing index was clearly weaker than expected in March, with minimal improvement from February’s -24.3 at -23.2 (cons -15.0).
  • Further, details were weaker than the mild tick up implied. New orders (-14.6pts to -28.2) and especially shipments (-34pts to -25.4) both fell sharply to their lowest since May’20. Aside from the pandemic, both are firmly at 2008-09 levels.
  • It lent support to another sharp downtick in yesterday’s typically more volatile Empire State equivalent.
  • The six-month ahead reading of -8 also moved to the lowest since October, with the overall survey collected Mar 6-13 to potentially catch the first few days of fallout from the regional banking crisis.

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  • The Philly Fed manufacturing index was clearly weaker than expected in March, with minimal improvement from February’s -24.3 at -23.2 (cons -15.0).
  • Further, details were weaker than the mild tick up implied. New orders (-14.6pts to -28.2) and especially shipments (-34pts to -25.4) both fell sharply to their lowest since May’20. Aside from the pandemic, both are firmly at 2008-09 levels.
  • It lent support to another sharp downtick in yesterday’s typically more volatile Empire State equivalent.
  • The six-month ahead reading of -8 also moved to the lowest since October, with the overall survey collected Mar 6-13 to potentially catch the first few days of fallout from the regional banking crisis.