Manufacturing in the Philadelphia region unexpectedly grew in June at the fastest pace in two years as factories showed resilience in the face of slowing overseas markets.
The Federal Reserve Bank of Philadelphia’s general economic index climbed to 12.5, exceeding all forecastsin a Bloomberg survey and the highest since April 2011, from minus 5.2 in May. Readings greater than zero signal expansion in the area, which covers eastern Pennsylvania, southern New Jersey and Delaware.
The data corroborate figures earlier this week showing improved sentiment atfactories in the New York Fed region even as global growth cools.
In the U.S., a pickup in auto and home sales, combined with the diminishing effects of this year’s acrossthe-board federal spending cuts, may prompt businesses to increase spending and lift production.
Business, Pages 28 on 06/21/2013