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Here comes Philly Fed ...

Prashanth PerumalMar 16, 2017, 17:56 IST

Cheese steak from Pat's King of Steaks in South PhillyYuri Long/Flickr

The Philadelphia Fed's manufacturing business outlook survey for March is expected to be released today at 8:30 a.m. ET.

The reading crushed expectations in February, coming in at 43.3 against economists' expectations of 18 and up from the 23.6 reading in January.

It was the index's highest reading since 1984 and the biggest beat since 1998, said Bespoke Investment Group.

Current new orders index rose 12 points, and the shipments index increased 8 points.

The survey gauges manufacturing conditions in the Philadelphia Federal Reserve district.

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