Philadelphia Fed Index Rises to 36.1 in July

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anufacturing in the Philadelphia region expanded at a faster pace in July than the month before on higher orders, the Federal Reserve Bank of Philadelphia said Thursday.

The bank's general economic index rose to 36.1 from 28.9 in June. Economists had expected the index to decline to 25, Bloomberg said.

A number greater than zero signals more manufacturers see business improving than deteriorating. The index reached a 10-year high of 38.8 in January and has been in positive territory since June 2003.

"Manufacturing executives remain generally optimistic about continued growth in their sector over the next six months, although expectations have moderated from recent higher levels," the regional bank said in a statement."

Manufacturing is one of trucking's largest and most important customers.

The Fed's new orders index rose to 35.3 from 24. Unfilled orders rose to 19.4 this month from 14.2 and the shipments index increased to 41.3 from 26.2 last month.

In addition, the index measuring the outlook for six months from now

eclined to 36.3 this month from 39.5, while an index of current

anufacturing employment rose to 24.6 from 16.8.

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