Factory activity in the U.S. Mid-Atlantic region accelerated more than expected in June, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index was at 18.0 in June, well up from 4.2 in May. Economists polled by Reuters had forecast a reading of 7.0.
Any reading above zero indicates growth in the region’s manufacturing sector. The index was above zero for the sixth straight month.
The new orders index, a gauge of future growth, rose to 18.3 in June from 8.7 in May.
The survey covers factories in a region encompassing eastern Pennsylvania, southern New Jersey and Delaware and is looked at closely as one of the first indicators of the health of the U.S. manufacturing sector.