Manufacturing activity in the Philadelphia region improved in February month for a fifth straight month, the Federal Reserve Bank of Philadelphia said Thursday.
The areaâ€™s factory index jumped to a reading of 335.9, from 19.3 in December, the regional Fed said. Readings greater than zero indicate expansion.
The reading was well over economistsâ€™ forecast of a rise to 21 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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