| Prior | Consensus | Consensus Range | Actual | |
| General Business Conditions Index - Level | 10.2 | 11.5 | 6.7 to 16.0 | 12.5 |
The Survey is a headline beat, but looking further in to the report...
-Slowing in orders is the key signal, first from the Empire State report and now from the Philly Fed where the new orders index for March slowed by 8.4 points to 3.3, still above zero to indicate monthly growth but not much above zero. Slowing in new orders is a negative for unfilled orders which are contracting this month in the region.
After the Empire State Mfg. Index, it seems we have confirmation of a probable squeeze in profit margins.
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