Philly Manufacturing Stronger Than Expected

Philadelphia, PA, Dec. 16, 2011 -- The Philadelphia Federal Reserve Bank reported Thursday that its business outlook index rose to 10.3 from 3.6 in November, the highest level since April.

The gain in the index surprised analysts. Economists expected a reading of 3.0.

Executives at the manufacturing firms in Philadelphia were more hopeful about a turnaround. The future business index rose 13 points to 52.33.