Economics
Philadelphia-Area Manufacturing Activity Expands, Tops Estimates
- Factory gauge showed growth for first time in three months
- Outlook measure for business activity remained negative
A worker checks dried fiber at the G.J. Littlewood & Sons Inc. raw stock dye house in Philadelphia, Pennsylvania.
Photographer: Hannah Yoon/BloombergThis article is for subscribers only.
A gauge of manufacturing activity in the Philadelphia area unexpectedly expanded in August for the first time in three months, though the outlook remained weak.
Federal Reserve Bank of Philadelphia data on Thursday showed the index of manufacturers’ current assessment rose to 6.2, topping all estimates, from minus 12.3. Readings above zero indicated growth and the median forecast in a Bloomberg survey called for minus 5. A measure of business conditions six months from now remained negative for a third straight month.