Investing.com - Manufacturing activity in the Philadelphia region accelerated at a far faster than expected rate in February, as new orders surged a report released Thursday showed.
The Philadelphia Federal Reserve’s index of business conditions jumped to 43.3 this month, from 23.6 in January. It was the highest level since 1984.
Economists had expected a reading of 18.0 this month.
A reading below zero means more companies are expanding instead of contracting.
The index for new orders rose to 38.0 this month from 26.0 in the prior month.
The report also pointed to underlying strength in labor demand, as the employment index ticked down to 11.1 from 12.8 last month.