Regional Manufacturing Firms Are Producing More and Employing More
The Philly Fed's July Business Outlook Survey highlights increasing optimism about the local economy.
After a dismal start to 2014 and mirroring a national upward trend, the Philadelphia region’s manufacturing sector has seen five consecutive months of growth and is operating at its highest output since March 2011, according to the latest Business Outlook Survey from the Federal Reserve Bank of Philadelphia.
New orders and shipments both increased, and area firms reported slight increases in employment and in hours worked. Even better, businesses are expecting further increases in overall activity and employment over the next six months. The only bummer? New York, with its slightly higher general activity index, is going to be talking trash all month.
