Factory activity in the U.S. mid-Atlantic region expanded in April at a faster clip than expected, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index rose to 16.6 from 9.0 in March, topping economists’ expectations for 10.0, according to a Reuters poll.
Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
New orders rose to 14.8, the highest level since October, from 5.7. The employment component improved to 6.9 from 1.7. Survey respondents’ view on the coming months deteriorated, however, with the gauge of business conditions for the next six months falling to 26.6 from 35.4.