The Federal Reserve Bank of Philadelphia released its monthly survey of firms on Thursday. According to the report, the manufacturing firms in the Philadelphia region got better business conditions in the month of March. This was recorded the seventh consecutive month when the manufacturing activity grew in Philadelphia.

The Federal Reserve Bank of Philadelphia said that its business activity index was reported up to a level of 18.9, while in the month of March this index was reported at the level of 17.6. The growth in the month of March is the fastest growth this year beating the economists' estimate of 18.0 for the period.

The growth in manufacturing activity signals that U. S. economy is recovering from the slowdown. Various Economists believes that the manufacturing sector has performed very well in recent months. This could lead the market to the new job openings.

The Philadelphia Fed also released the data of its other indexes. The new orders index of Fed was reported down to 9.3 from 22.7. The shipment index declined to 13.6 from 19.7. The employment index was reported up to 8.4 from 7.4 in February. This is the highest level of employment index since August 2007.

In its survey, the Philadelphia Fed found that about 60% of firms expect business conditions to improve in the next six months, while only 8% of firms said that they expect business conditions to worsen in next six months.