The latest release of the Philly Fed's manufacturing survey absolutely crushed expectations on Thursday in another strong sentiment reading for the US economy.

The index registered a 43.3 for the month, soaring past economists' expectations of 18.0, and leaping up from the 23.6 reading in January.

According to a tweet from Bespoke Investment Group, this is the highest reading for the index since 1984 and the biggest beat relative to expectations since 1998.

Overall, the data seems to indicate a huge leap for current activity as firms reported higher sales and shipments.

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