Philly Fed Index Rises In September

(RTTNews) - Manufacturing activity in the mid-Atlantic region showed a notable improvement in growth in September, according to new survey results released Thursday.

The Philadelphia Federal Reserve said its index of general business conditions came in at 12.8 for September. This was up notably compared a mark of 2.0 for the previous month.

Economists had expected the figure to remain close to August's result, with the consensus estimate sitting at 2.0.

Any reading above zero indicates expansion in the sector. The rise in September suggests an improved growth rate during the month compared to August.

New orders showed growth again in September after declining in the previous month. The index for this measure rose to positive 1.4 compared to negative 7.2 in August.