The general business activity index from the Philly Fed’s manufacturing survey was a reading of 22.3 in September. This is a significant increase from the 9.3 reading in August and is the highest the index has been since March 2011. Readings above 0 indicate economic expansion in the manufacturing sector, so this figure suggests expansion at a faster pace than in August.
September’s reading was composed of 36.2% of the businesses surveyed reporting that business conditions had improved during the month, while 13.8% reported that conditions had worsened.
The Philly Fed is the second of the five Federal Reserve banks that conduct manufacturing surveys to report for the month of September. Currently, all five Fed surveys indicate economic expansion in the manufacturing sector.