The monthly report by the Federal Reserve Bank of Philadelphia shows another month of improving economic conditions in the region that includes South Jersey.Its Manufacturing Business Outlook Survey showed indexes for general activity, new orders and employment were all positive this month and increased from their readings last month.
“Manufacturers have generally grown more optimistic in their forecasts over the past two months. The future indexes for growth over the next six months, including employment, continued to improve this month,” the report said.
According to the report, 40 percent of the firms reported increases in activity this month, while 17 percent reported decreases. The general activity index has remained positive for six consecutive months, and the activity index reading was the highest since November 2014.
The survey also said other broad indicators suggest sustaining growth. For instance, the index for current new orders increased 11 points this month, with 41 percent of the firms reporting increases.
More firms (19 percent) reported an increase in manufacturing employment this month as opposed to a decrease (9 percent).