Philadelphia Area Manufacturing Rebounds

Philadelphia, PA, Oct. 20, 2011 -- Manufacturing in the Philadelphia region rebounded in October, the Federal Reserve Bank of Philadelphia reported Thursday.

The Philly Fed index rose to 8.7 in October from negative 17.5 in September. This is the first positive reading in three months. Readings above zero indicate expansion.

The jump was much stronger than expected. Economists had anticipated a negative 10.0 reading for October.