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(a literal px value that does NOT // change when the primary row collapses). The collapsed bar then // simply overlays the content like any fixed header rather than // resizing the document on scroll. Non-toc-bar pages keep using the // live offsetHeight (their masthead height never changes on scroll). if (hasTocBar) { var fullMastheadHeight = parseFloat( getComputedStyle(document.body).getPropertyValue('--wdg-masthead-height') ); document.body.style.paddingTop = (fullMastheadHeight > 0 ? fullMastheadHeight : header.offsetHeight) + 'px'; } else { document.body.style.paddingTop = header.offsetHeight + 'px'; } } updateHeaderState(); // Attach the scroll listener for hero pages (transparent/solid toggle) and // for any page with the in-masthead submenu bar (so it still collapses to // the toc-bar on scroll even though it stays solid). if (isHero || hasTocBar) { window.addEventListener('scroll', updateHeaderState, { passive: true }); // Safety re-sync: a fast/programmatic jump to the top (browser scroll // restoration on back-nav, a "scroll to top" action, anchor jumps, // etc.) can land with coalesced scroll events so the final handler // run reflects a stale position, leaving the logo/transparency out of // sync with the resting scrollY. `scrollend` fires once the scroll has // settled, guaranteeing one final correct update. Harmlessly ignored // by browsers that don't support it. window.addEventListener('scrollend', updateHeaderState, { passive: true }); } window.addEventListener('resize', updateHeaderState); // Marquee + in-masthead TOC: sticky-toc.js dispatches this when the // active TOC item changes so we can flip into / out of the forced // is-solid state immediately on click rather than waiting for the // next scroll/resize. window.addEventListener('wdg:toc-section-change', updateHeaderState); var searchOpenClass = 'is-search-open'; var searchModal = document.getElementById('search-modal'); function openSearchModal() { if (typeof window._searchModalOpen === 'function') { window._searchModalOpen(); } document.querySelectorAll('.js-search-toggle').forEach(function(btn) { btn.classList.add(searchOpenClass); btn.setAttribute('aria-expanded', 'true'); }); } function closeSearchModal() { if (typeof window._searchModalClose === 'function') { window._searchModalClose(); } document.querySelectorAll('.js-search-toggle').forEach(function(btn) { btn.classList.remove(searchOpenClass); btn.setAttribute('aria-expanded', 'false'); }); } document.querySelectorAll('.js-search-toggle').forEach(function(btn) { btn.addEventListener('click', function(e) { e.preventDefault(); if (searchModal && searchModal.classList.contains('is-open')) { closeSearchModal(); } else { openSearchModal(); } }); }); var mobileSearchBtn = document.querySelector('.js-mobile-search-open'); if (mobileSearchBtn) { mobileSearchBtn.addEventListener('click', function(e) { e.preventDefault(); var mobileOverlay = document.getElementById('mobile-menu'); if (mobileOverlay) { mobileOverlay.setAttribute('aria-hidden', 'true'); mobileOverlay.classList.remove('is-open'); } openSearchModal(); }); } function updateAdminBarState() { var ab = document.getElementById('wpadminbar'); if (!ab) return; var rect = ab.getBoundingClientRect(); var hidden = rect.bottom <= 0; document.body.classList.toggle('adminbar-hidden', hidden); } updateAdminBarState(); window.addEventListener('scroll', updateAdminBarState, { passive: true }); window.addEventListener('resize', updateAdminBarState); })();

Economic Data and Growth

Trade Costs Climb as Import and Export Prices Pick Up

April 20, 2026

U.S. import prices increased 0.8% in March, after rising 0.9% in February, with higher nonfuel and fuel prices driving the increase. Over the year, import prices advanced 2.1%, the largest 12-month increase since December 2024. Meanwhile, U.S. export prices climbed 1.6% in March, driven by higher prices for nonagricultural and agricultural exports. Over the past …

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Philly Manufacturing Survey Signals Stronger Momentum as Orders and Shipments Increase

April 20, 2026

In April, Philadelphia’s regional manufacturing activity expanded for the fourth consecutive month, with the index for general business activity advancing from 18.1 to 26.7. This month, 32.6% of firms reported increases in activity, while only 5.9% noted decreases. The index for new orders jumped from 8.6 to 33.0, while the shipments index climbed 11.8 points …

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Producer Prices Climb Year Over Year as Goods Inflation Accelerates

April 20, 2026

The Producer Price Index for final demand (also known as wholesale prices) rose 0.5% over the month in March, unchanged from the 0.5% increase in February and below expectations. Over the year, producer prices jumped 4.0%, up from 3.4% in February and the largest 12-month increase since February 2023. Meanwhile, prices for final demand excluding …

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Industrial Output Retreats as Factory Production Slips

April 20, 2026

Industrial production declined 0.5% in March, while manufacturing output ticked down 0.1% after moving up 0.4% in February. At 97.3% of its 2017 average, manufacturing production advanced 0.5% from March 2025. Capacity utilization for manufacturing was 75.3%, down 0.2 percentage points from February but up 1.1% over the past year. Capacity utilization remained 2.9 percentage …

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Survey: Trade Policies Shake Up Manufacturers’ Economic Outlook

March 7, 2025

Q1 2025 51³Ô¹ÏÍø Manufacturers’ Outlook Survey. What’s going on: In the most recent survey, conducted from Feb. 11 to Feb. 28, trade uncertainties moved to the top of the list of manufacturers’ concerns—with 76.2% of respondents citing them as their primary worry. Increased raw material costs came in second, cited by 62.3% of those surveyed. …

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