Around the state – South JerseySOUTH JERSEY Economic activity in the South Jersey market increased in the second quarter, and most businesses expect more growth in coming periods, according to a report released last week by the Federal Reserve Bank of Philadelphia.
A broad measure of performance, the index of general activity at individual companies, jumped from 6.4 in the first quarter to 13 in the second quarter. The index captures overall business activity by company.
The number of firms reporting hiring increases also moved up to 17 percent of the total respondents in the second quarter, from 6 percent in the first.
Not all the news was positive, however.
More than 40 percent of South Jersey businesses in the survey reported the cost of their raw materials went up during the second quarter, compared with 34 percent that saw higher costs in the previous period.