Manufacturing activity in the Philadelphia region expanded in June, swinging from a contraction in May, the Federal Reserve Bank of Philadelphia said Thursday.
The regional Fed’s index rose to a reading of 12.5, from minus 5.2 in May, the regional Fed said. Readings below zero indicate contraction, while those above show expansion.
The reading was well above economists’ median forecast of a minus 2 reading, Bloomberg News reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.