Philly Fed factory activity rises in June

Factory activity in the U.S. Mid-Atlantic region accelerated more than expected in June, a survey showed on Thursday.

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The Philadelphia Federal Reserve Bank said its business activity index was at 18.0 in June, well up from 4.2 in May. Economists polled by Reuters had forecast a reading of 7.0.

Any reading above zero indicates growth in the region’s manufacturing sector. The index was above zero for the sixth straight month.

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The new orders index, a gauge of future growth, rose to 18.3 in June from 8.7 in May.

The survey covers factories in a region encompassing eastern Pennsylvania, southern New Jersey and Delaware and is looked at closely as one of the first indicators of the health of the U.S. manufacturing sector.