WASHINGTON (dpa-AFX) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing growth by regional manufacturing was more widespread in the month of July.
The Philly Fed said its diffusion index for current general activity jumped to 13.9 in July from 1.3 in June, with a positive reading indicating growth. Economists had expected the index to inch up to 2.9.
The report said most future activity indicators also rose, suggesting more widespread expectations for overall growth over the next six months.
The diffusion index for future general activity soared to 38.7 in July from 13.8 in June, reaching its highest level since July 2021.
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