Manufacturing activity in Philadelphia increased significantly more-than-expected in November, rising to the highest level since February, official data showed on Thursday.Survey Results
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 22.0 in November, after rising to 1.0 in October.
Analysts had expected the index to rise to 4.5 in November.
The report said that all of the survey's broad indicators of economic performance showed improvement from their reading in October, and firms reported an increase in employment and work hours.
Survey Results of 6 Month Forecast
Source: Philly Fed