Manufacturing levels in the Philadelphia expanded in August for the first time in almost a year, the Federal Reserve Bank of Philadelphia said Thursday.
The area index rose to a 4.2 reading, from negative 7.5 in July, the regional Fed said.
Figures greater than zero indicate expansion, while those less than zero show contraction.
The reading topped economists’ forecasts of a 2 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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