Philadelphia Manufacturing Growth Accelerates in August

Click here to write a Letter to the Editor.

he pace of manufacturing growth in the Philadelphia area rose more than expected in August as manufacturing new orders increased, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s economic index rose to 18.5 from 6.0 last month, Bloomberg reported. The index was expected to increase to 9.

Meanwhile, new orders climbed to 15.7 in August from 10.1 last month. The factory sector is one of trucking’s largest and most important customers.

Index readings greater than zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.

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