Philadelphia Manufacturing Index Expands

Manufacturing levels in the Philadelphia region expanded in October for the first time in three months, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index rose to a reading of 1, from minus 0.7 in September, the regional Fed said. Readings greater than zero indicate expansion.

The level was below economists’ forecasts of a reading of 2, Bloomberg reported.

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