Philadelphia Factory Index Improves for Second Month
Manufacturing levels in the Philadelphia showed expansion for a second straight month in September, the Federal Reserve Bank of Philadelphia said Thursday.
The area factory index jumped to a 14.1 reading, from 4.2 in August, the regional Fed said.
Figures greater than zero indicate expansion, while those less than zero show contraction.
It was the first back-to-back growth since the end of 2007. The reading topped economists’ forecasts of an 8 reading, Bloomberg reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.
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