Manufacturing in Philadelphia Area Unexpectedly Expands
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Manufacturing in the Philadelphia region unexpectedly expanded in December to an eight-month high, reflecting pickups in sales and orders that signal the industry is starting to stabilize.
The Federal Reserve Bank of Philadelphia’s general economic index rose to 8.1, from minus 10.7 in November. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The median forecast of 61 economists surveyed by Bloomberg was for an improvement to minus 3 after superstorm Sandy curtailed activity a month earlier.