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Philly Fed factory activity picks up to more than 2-yr high in June
June 20, 2013 / 2:08 PM / 4 years ago

Philly Fed factory activity picks up to more than 2-yr high in June

NEW YORK, June 20 (Reuters) - Factory activity in the U.S. mid-Atlantic region rebounded in June to its highest level in more than two years as new orders accelerated, a survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business activity index rose to 12.5 from minus 5.2 in May, far exceeding economists' expectations for minus 2. It was the highest level since April 2011.

Any reading above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.

The new orders index jumped to 16.6 from minus 7.9, while employment improved to minus 5.4 from minus 8.7.

Reporting by Leah Schnurr; Editing by Chizu Nomiyama

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