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Philly Fed factory activity rises in April
[NEW YORK] Factory activity in the US mid-Atlantic region accelerated in April, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index rose to 7.5 from 5.0 the month before. That topped economists' expectations for a reading of 6.0, according to a Reuters poll.
Any reading above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
It is seen as one of the first monthly indicators of the health of US manufacturing leading up to the national report by the Institute for Supply Management.