Philly Fed Index Surges Much More Than Expected In July

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing manufacturing activity in the region unexpectedly expanded overall in the month of July.

The Philly Fed said its diffusion index for current general activity surged to a positive 15.9 in July from a negative 4.0 in June, with a positive reading indicating growth. Economists had expected the index to rise to a negative 1.0.

Looking ahead, the report said the future activity indicators suggest that the firms continue to expect growth over the next six months.