Manufacturing activity in the U.S. Mid-Atlantic region jumped sharply in September, beating expectations and reaching its strongest level this year, the Federal Reserve Bank of Philadelphia reported on Sept. 18.
The bank’s monthly Manufacturing Business Outlook Survey showed its current general activity index rising by a whopping 24 points to 23.2 in September, well above the 1.7 Bloomberg consensus forecast and exiting sub-zero territory that it slumped into last month.
Indicators for new orders strengthened, climbing 14 points to 12.4, with nearly 40 percent of firms reporting increases in general activity, a 10-point jump. Shipments surged 22 points to 26.1, suggesting that order backlogs are clearing and demand is broadening….