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.
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