Philadelphia Manufacturing Expands at Highest Rate in Five Years

Manufacturing activity in the Philadelphia region rose this month at the fastest level in more than five years, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index rose to a reading of 24.3, from 22.5, from 1 in October, the regional Fed said. Readings greater than zero indicate expansion.

The reading was the highest since April 2005. Last month, the reading had jumped to 22.5 from 1.

The level was well above economists’ median forecast of a decline to 15, Bloomberg reported.

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