Philadelphia Area Manufacturing Rebounds

Washington, DC, July 21, 2011 -- Manufacturing activity in the Philadelphia region rebounded in July after hitting close to a two-year low during in June.

The Federal Reserve Bank of Philadelphia says its regional index of manufacturing conditions rose to 3.2 in July, above expectations for a 2.0 reading. It had dropped to negative 7.7 the previous month.

The new orders index reached 0.1 after having fallen to negative 7.6 in June.

The index tracks manufacturing conditions in eastern Pennsylvania, southern New Jersey and Delaware.