Manufacturing activity in the Philadelphia region expanded in April, the Federal Reserve Bank in that district said April 17.
The regional Fed’s index rose to a 16.6 reading from 9 in March. Readings below zero indicate contraction, and those above zero show expansion.
The reading was above economists’ median forecast of 10, Bloomberg News reported. New orders rose to a reading of 14.8 from 5.7 the prior month.
Manufacturers in the Philadelphia Region are less optimistic about the future with the outlook index for six months from now declining to 26.6 from 35.4 in March, Bloomberg reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.