Manufacturing activity in the Philadelphia Region expanded in July, the Federal Reserve Bank of Philadelphia said July 17.
The regional Fed’s index rose to a 23.9 reading from 17.8 in June. Readings above zero show expansion.
The reading was well above economists’ median forecast of 16, Bloomberg News reported.
Manufacturers in the Philadelphia Region are more optimistic about the future with the outlook index for six months from now rising to 58.1 from 52 the prior month, Bloomberg reported.
New orders rose to 34.2 from 15.5 the previous month, and shipments increased to 34.2 from 15.5.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.