Philadelphia Factory Index Improves, but Still Shows Contraction

Manufacturing levels in the Philadelphia region continued to contract this month, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s index improved to a negative 24.4 reading, from negative 35 in March, 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.