Philadelphia Manufacturing Index Hits Highest Level Since 1984

Manufacturing activity in the Philadelphia region rose to its highest level in 27 years, the Federal Reserve Bank of Philadelphia said.

The area’s factory index jumped to a reading of 43.4, from 35.9 in February, the regional Fed said. Readings greater than zero indicate expansion.

The highest reading since January 1984 was well over economists’ forecast of a decline to a 28.8 reading, Bloomberg reported.

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