Manufacturing activity in the Philadelphia area has seen a significant turnaround in the month of February, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.
The Philly Fed said its diffusion index for current general activity surged to a positive 5.2 in February from a negative 10.6 in January, with a positive reading indicating growth. Economists had expected the index to rise to a negative 8.0.
Looking ahead, the Philly Fed said the survey’s broad indicators for future activity rose, suggesting more widespread expectations for overall growth over the next six months.
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