Philadelphia Fed Factory Index Remains in Contraction

Manufacturing levels in the Philadelphia region improved from a month ago but remained in contraction, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index rose to a reading of negative 32.9, from negative 39.3 in November.

Figures greater than zero indicate expansion, while those less than zero show contraction. The regional index averaged 5.1 last year.

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