Philadelphia Factory Index Improves

Manufacturing levels in the Philadelphia region contracted this month at the slowest pace in eight months, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s index improved to a negative 22.6 reading, from negative 24.4 in April, the regional Fed said.

Figures greater than zero indicate expansion, while those less than zero show contraction.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.