08:49 AM EDT, 03/26/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index declined sharply to minus 18.3 in March from minus 8.8 in the previous month, indicating faster contraction in the sector.

The readings for prices paid, employment and sales decreased but remained above breakeven point in the month, while the reading for new orders increased but remained below breakeven point.

The six-month outlooks at both the regional and firm levels increased, with 33.5% of respondents expecting expansion in the region over the next six months compared with only 23.5% that expect contraction.