Philadelphia Manufacturing Activity Expands

Manufacturing activity in the Philadelphia region expanded in July to the highest level since March 2011, the Federal Reserve Bank of Philadelphia said Thursday.

The regional Fed’s index rose to a reading of 19.8, from minus 12.5 in June, the regional Fed said.

Readings below zero indicate contraction, while those above show expansion.

The reading was well above economists’ median forecast of a reading of 8, Bloomberg News reported.

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