Philadelphia Manufacturing Index Improves

Manufacturing levels in the Philadelphia expanded in August for the first time in almost a year, the Federal Reserve Bank of Philadelphia said Thursday.

The area index rose to a 4.2 reading, from negative 7.5 in July, the regional Fed said.

Figures greater than zero indicate expansion, while those less than zero show contraction.

The reading topped economists’ forecasts of a 2 reading, Bloomberg reported.

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