Today the Federal Open Market Committee announced.
- Inflation measured on a 12-month basis is close to the Committee’s 2% objective.
- Slow growth in Q1 is likely Transitory
- Ex food and energy, consumer prices declined in March.
- Target range for fed funds rate will remain at 0.75% to 1%.
- Near-term risks are roughly balanced
- Monetary policy is accommodative
The Federal Reserve Bank of Philadelphia announces results from the March Manufacturing Business Outlook Survey. The survey suggests manufacturing activity continued to expand. Delivery times and unfilled order indexes were positive. This suggests longer delivery times and an increase in unfilled orders.
- Diffusion index 32.8 for March down from 43.3 in February
- 44% of firms reported increases in manufacturing activity
- 11% of firms reported decreases in manufacturing activity
- 25% of firms reported increase in employment
- 8% of firms reported decrease in employment
- 60% of firms reported a labor shortage
- 68% of firms reported skills mismatch between available workers and requirements
- 47% of firms report positions open for more than 90 days
FRB Philadelphia suggests growth for the manufacturing sector on the region. Broad indicators read positive with most up from February.
Dallas Fed manufacturing numbers are in for February and showing an improvement.
Some indices are lower than in previous periods but still positive. 19% of firms reported net hiring. 10% noted net layoffs. Survey respondents noted proposals by President Trump as a factor in positive assessment.