Philadelphia Manufacturing Index Gains More Than Expected

anufacturing growth in the Philadelphia area has risen more than expected in October, Bloomberg reported Thursday, citing the Federal Reserve Bank of Philadelphia.

The Philadelphia factory index rose to 17.3 from 2.2 in September, the regional Fed said. Analysts had forecast the level to rise to 10, Bloomberg reported.

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

The survey’s index of prices received by factories jumped to 32.6 from 8.6, the biggest increase in 24 years. Prices paid for raw materials rose to 67.6, the highest since November 1980, from 52.7.

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