A reading on Philadelphia-area manufacturing activity returned to positive territory in the month of September, 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 a positive 1.7 in September from a negative 7.0 in August, with a positive reading indicating growth. Economists had expected the index to surge to a positive 2.0.
Looking ahead, the Philly Fed said firms continue to expect growth over the next six months, with expectations more widespread this month.