(RTTNews) - Growth in Philadelphia-area manufacturing activity has unexpectedly seen a considerable acceleration in the month of April, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
The Philly Fed said its diffusion index for current general activity jumped to 15.5 in April from 3.2 in March, with a positive reading indicating growth. Economists had expected the index to edge down to 1.5.
Looking ahead, the Philly Fed said most future activity indicators declined but continue to suggest that firms expect growth over the next six months.
