Philadelphia Factory Index Increases in November

Manufacturing levels in the Philadelphia expanded at a faster pace in November than in October, the Federal Reserve Bank of Philadelphia said Thursday.

The area factory index rose to a 16.7 reading, from 11.5 in October, the regional Fed said.

Figures greater than zero indicate expansion, while those less than zero show contraction.

The reading was higher than economists’ forecasts of a 12 reading, Bloomberg reported.

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