The Philly Fed Business Outlook Survey: March 2012

Today's release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) for March indicated a improvement in the regions manufacturing activity with the current activity index climbing to a level of 12.5 while the future activity index declined slightly to a level of 32.9.

The following chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.