Nonmanufacturing sector gets boost

The March Nonmanufacturing Business Outlook Survey indicated the business activity in some eastern US states continued to grow, the Federal Reserve Bank of Philadelphia reported. Responses to the survey, conducted by the Federal Reserve Bank of Philadelphia, which is responsible for the Third District covering eastern Pennsylvania, southern New Jersey and Delaware, suggested that the region’s nonmanufacturing sector continued to expand in March. The indicators for firm-level general activity and sales/revenues remained positive but fell slightly from last month’s readings, while the indicator for new orders rose to a high level, according to the bank report.