Factory activity in the US Mid-Atlantic region jumped in September to its highest in three months, strongly surpassing analysts' forecasts, a survey showed today.
The Philadelphia Federal Reserve Bank said its business activity index was at 10.9 in September versus zero in August. Economists had forecast a reading of 2.3.
Any reading above zero indicates growth in the region's manufacturing sector.
The Philadelphia Fed's employment index fell to 7.5 in September from 21.2 in August, however, while the new orders index rose to 15.1 from 7.1. The prices paid index rose to 23.1 from 15.4.
The six-month business conditions outlook eased to 35.7 in September from 36.2 in August.
