Philadelphia Factory Index Grows

Manufacturing levels in the Philadelphia expanded in February at a highest pace in more than five years, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index grew to a 17.6 reading, from 15.2 in December, the regional Fed said.

Readings greater than zero signal growth. February was the sixth consecutive month of expansion.

The reading was higher than economists’ forecasts of 17, Bloomberg reported.

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