Manufacturing activity in the Philadelphia Region expanded in June, the Federal Reserve Bank of Philadelphia said June 19.
The regional Fed’s index rose to a 17.8 reading from 15.4 in May. Readings below zero indicate contraction, and those above zero show expansion.
The reading was above economists’ median forecast of 14, 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 52 from 37.4 the prior month, Bloomberg reported.
New orders rose to 16.8 from 10.5 the previous month, but prices paid rose to 35 from 23.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.