Manufacturing levels in the Philadelphia expanded at a faster pace in November than in October, the Federal Reserve Bank of Philadelphia said Thursday.
The area factory index rose to a 16.7 reading, from 11.5 in October, the regional Fed said.
Figures greater than zero indicate expansion, while those less than zero show contraction.
The reading was higher than economists’ forecasts of a 12 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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