Philadelphia Manufacturing Activity Expands

Manufacturing activity in the Philadelphia region expanded in March, the Federal Reserve Bank of Philadelphia said Thursday.

The regional Fed’s index rose to a reading of 2, from a minus 12.5 reading in February.

Readings of more than zero indicate expansion, while those below that show contraction.

The reading was above economists’ median forecast of minus 3, Bloomberg News reported.

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