Philadelphia Manufacturing Activity Expands at Slower Pace

Manufacturing activity in the Philadelphia region expanded at a slower pace in April, the Federal Reserve Bank of Philadelphia said Thursday.

The regional Fed’s index fell to a reading of 1.3, from a reading of 2 in March.

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

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

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