Philly Fed Index Unexpectedly Increases Sharply In April

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing an unexpected surge by its reading on regional manufacturing activity in the month of April.

The Philly Fed said its diffusion index for current general activity spiked to 26.7 in April from 18.1 in March, with a positive reading indicating growth. Economists had expected the index to decrease to 10.0.

Looking ahead, the Philly Fed said the diffusion index for future general activity inched up to 40.8 in April from 40.0 in March, as firms continue to expect overall growth over the next six months.