According to the February manufacturing outlook survey conducted by the Federal Reserve Bank of Philadelphia, the manufacturing industry is broadening in southern New Jersey.“The index for current manufacturing activity in the region increased from a reading of 23.6 in January to 43.3 this month and has remained positive for seven consecutive months,” the report said. “The share of firms reporting growth continues to increase: More than 48 percent of the firms reported increases in activity this month compared with 40 percent last month.”
The report also indicated that both the indexes for general activity and new orders, in particular, showed notable improvement this month.
Similarly, the indexes for general activity and new orders showed notable improvement this month.
Despite these indicators, optimism among respondents remained high but did not show much improvement since January.
“Indicators reflecting firms’ expectations for the next six months remained at high levels, although they moderated from high readings in January,” the report said.