The Federal Reserve Bank of Philadelphia released a report on Thursday showing regional manufacturing activity has expanded overall in the month of October.
The Philly Fed said its diffusion index for current general activity jumped to 10.3 in October from 1.7 in September, with a positive reading indicating growth. Economists had expected the index to inch up to 3.0.
Looking ahead, the Philly Fed said expectations for growth over the next six months were more widespread this month, as the diffusion index for future general activity surged to 36.7 in October from 15.8 in September.
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