Philadelphia Factory Index Improves

Manufacturing levels in the Philadelphia region expanded in May, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index rose to a 21.4 reading, from 20.2 in April, the regional Fed said. Economists had forecast the reading to rise to 21.3, Bloomberg reported.

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

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