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The March release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated a slight worsening of the region's manufacturing activity. The current activity index fell to a weak expansionary level of 1.3, while assessments of future activity plunged to a level of 19.5.

The following chart shows the current and future activity indexes, both with their corresponding three-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.

Source: The Philly Fed Business Outlook Survey: April 2013