Philadelphia Manufacturing Index Rises to Three-Month High

Manufacturing activity in the Philadelphia region expanded at a faster pace in January, the Federal Reserve Bank of Philadelphia said.

The region’s factory index rose to a reading of 7.3, a three-month high, from a revised 6.8 in December. Readings greater than zero indicate expansion.

The reading was below economists’ forecasts of a 10.3 reading, Bloomberg reported.

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