Manufacturing levels in the Philadelphia region expanded in October for the first time in three months, the Federal Reserve Bank of Philadelphia said Thursday.
The area’s factory index rose to a reading of 1, from minus 0.7 in September, the regional Fed said. Readings greater than zero indicate expansion.
The level was below economists’ forecasts of a reading of 2, Bloomberg reported.
The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.
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