In July, manufacturing in Greater Philadelphia expanded at its fastest pace in more than three years, as new orders, shipments, and hiring all rose.
The Federal Reserve Bank of Philadelphia said its index of regional factory activity rose to 23.9 in July from 17.8 in June. July’s figure is the highest since March 2011, and is much higher than last year’s average of 6.4. The Federal Reserve Bank of Philadelphia report suggests that U.S. manufacturing output continued to grow in July and will also boost growth in the third quarter.
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