[Urbanthusiat]

A good sign for the region.

Philadelphia Manufacturing Surges, New York Strong on Optimism

Growth at manufacturers in the Philadelphia region and New York state and rebounded in April, reflecting stronger orders and increased shipments as the economy continues its recovery from the Covid-19 pandemic.

The Federal Reserve Bank of Philadelphia’s general activity index surged to 50.2 -- the highest since April 1973 -- from a revised 44.5 in March, according to a report Thursday. That exceeded all forecasts in a Bloomberg survey of economists whose median projection called for a reading of 41.5. Readings above zero indicate expansion.

Almost 59% of Philadelphia-area firms reported increases in current activity this month, while only 8% reported decreases, the regional bank said. The index for current shipments increased, while the current employment gauge surged to 30.8, a record high.