September 19, 2013 10:05 AM, EDT

Leading Indicators, Manufacturing Activity in Philadelphia Rises in August

An index of leading economic indicators rose in August from an increase the prior month, the New York-based Conference Board said Sept. 19.

The index climbed 0.7% after a revised 0.5% gain in July that was less than initially reported.

Economists had forecast a 0.6% gain, Bloomberg reported.

The LEI is closely watched by trucking companies because it forecasts business activity for the next three to six months.

In a separate report, the Federal Reserve Bank of Philadelphia said manufacturing activity in the Philadelphia region expanded for a fourth month in September.

The regional Fed’s index rose to a 22.3 reading from 9.3 in August, the regional Fed said.

Readings above zero show expansion while those below zero indicate contraction.

The reading was above economists’ median forecast of 10.3, Bloomberg News reported.

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