WASHINGTON (AP) — Manufacturing activity in the Philadelphia region grew in July at the fastest pace in more than two years, suggesting factories may help support economic growth in the second half of the year.
The Federal Reserve Bank of Philadelphia says its index of regional manufacturing activity jumped to 19.8 in July. That's up from 12.5 in June and the highest since March 2011.
A gauge of hiring jumped into positive territory for the first time in four months and shipments increased. Orders also rose, though at a slower pace than June.
The jump follows an increase in manufacturing in the New York region reported by the New York Fed. The gains suggest that manufacturing is rebounding after a sluggish first half of the year.