Factory Growth Fastest In 9 Months In Philly Area
WASHINGTON (AP) -- Manufacturing in the Philadelphia region expanded at a faster pace in June for the fourth straight month, led by more new orders and greater hiring.
The figures add to other recent evidence that factories are expanding at a healthy clip and are likely providing a solid boost to the economy.
The Federal Reserve Bank of Philadelphia says its index of regional factory activity rose to 17.8 in June from 15.4 in May. Any reading above zero indicates growth. June's figure is the highest in nine months.
A measure of hiring reached its highest level since October, and new orders also jumped, suggesting production will remain healthy.
The survey covers manufacturing in Pennsylvania, New Jersey and Delaware. A similar report from the New York Fed on Monday also showed strong growth.