By Jessica Coacci
Manufacturing activity in the Philadelphia area grew well above expectations this month, according to a survey from the Philadelphia Fed released Thursday.
In the reserve bank's manufacturing business outlook survey, the current-activity index moved higher for the fourth straight month. It showed a reading of 26.7 in April versus 18.1 in March.
A reading above zero indicates an increase in business activity. Economists polled by The Wall Street Journal expected a reading of 12.0.
The survey's indicators for new orders and shipments moved higher this month. Almost 41% of the firms reported increases in new orders, 8% reported decreases and 49% reported no change.
The diffusion index for future general activity edged up to 40.8 this month. Meanwhile, almost 57% of the firms expect an increase in activity over the next six months, exceeding the 16% that expect a decrease.
Both indexes that measure prices remained above their long-run nonrecession averages and were at their highest readings since August, indicating inflationary pressures.
The survey covers businesses in the Philadelphia Fed's district, which includes Delaware and parts of eastern Pennsylvania and southern New Jersey.
Write to Jessica Coacci at jessica.coacci@wsj.com
(END) Dow Jones Newswires
04-16-26 0906ET
