The latest report from the Federal Reserve Bank of Philadelphia revealed on Thursday the Philadelphia Fed Manufacturing Index rose to 13.7 in March from -4.1 in February.

Economists had expected the index to increase to 4.5.

A positive reading indicates growth.

According to the report, both new orders (1.9 in March versus -2.4 in February) and shipments (20 versus -5.3) rebounded this month, while inventories (17.2 versus 3.3) and average workweek (10.6 versus 4.7) grew faster. On the price front, prices paid rose quicker (19.7 versus 21.8), while prices received slowed (24.7 verso27.s 7).