Philly Manufacturing Expands Most Since 1993

Philadelphia, PA, Nov. 20, 2014 -- Manufacturing activity in the Philadelphia-region in November expanded at the fastest rate since December 1993, according to the Philadelphia Fed Manufacturing Index.

The Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a reading of 40.8 this month from October’s reading of 20.7.

Economists had expected the index to decline to 18.5 in September.

A reading above 0.0 indicates improving conditions.

The current new orders index increased 18 points, to 35.7.

The current employment index rose 10 points in November, to 22.4, and hit a 3½ year high.