Philly Fed Index Surges Much More Than Expected In September

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity expanded overall in the month of September.

The Philly Fed said its diffusion index for current general activity surged to a positive 23.2 in September from a negative 0.3 in August, with a positive reading indicating growth. Economists had expected the index to rise to a positive 2.3.

Looking ahead, the Philly Fed said the survey's future indicators suggest widespread expectations for growth over the next six months, with the diffusion index for future general activity climbing to 31.5 in September from 25.0 in August.