WASHINGTON (AP) — Manufacturing in the Philadelphia region expanded in October following five months of declines, a positive sign for a U.S. manufacturing sector which had been weakening for much of the year.
The Federal Reserve Bank of Philadelphia says its index of regional manufacturing activity had a reading of 5.7 in October following a -1.9 reading in September. Any reading above zero indicates expansion.
Manufacturing, which helped lift the country out of recession, had been slowing since the spring, battered by slower domestic demand and a slowing global economy which was hurting exports. The better-than-expected reading from the Philadelphia survey followed a positive report on national manufacturing conditions. The Institute for Supply Management recently said that its manufacturing index grew for the first time in four months in September.