Fed Reports Philadelphia Manufacturing Rose in July

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anufacturing growth in the Philadelphia area increased in July, the Federal Reserve reported Thursday.

The 9.6 reading turned around June’s minus 2.2 level, which had been the first contraction since June 2003, the Fed said.

Analysts had forecast the level to rise to 10, Bloomberg reported. The factory sector is one of trucking's largest and most important customers.

Index numbers above zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.