March 16 (Reuters) – Business conditions in the Philadelphia area improved less than expected in March, the Federal Reserve’s local branch monthly survey showed on Thursday.
The “Philly Fed” index stands at -23.2 after -24.3 in February.
Economists polled by Reuters on average expected a figure of -15.6.
The new orders component fell to -28.2 from -13.6 last month, while the six-month business outlook sub-index fell to -8 from 1.7 in February.
The employment sub-index stood at -10.3 against 5.1 in February and that of paid prices fell to 23.5 against 26.5 last month.
(Writing by Lina Golovnya, editing by Kate Entringer)
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