The Philadelphia Fed said Thursday its gauge of regional business activity jumped to 15.5 in April, from 3.2 in the prior month. Any reading above zero indicates improving conditions. This is the third consecutive positive reading and the highest since April 2022.
Economists polled by the Wall Street Journal expected a 2.5 reading in April.
Key details: The barometer on new orders, and shipments both rose.
The new orders index rose 6.8 points to 12.2 in April. The shipments index rose 7.7 points to 19.1.
Employment continued to decline. The employment index slipped down 1 point to negative 10.7 in April, the 12th negative reading in the past 14 months.
The measure of six-month business outlook fell slightly to 34.3 in April from 38.6 in the prior month.
The prices-paid index jumped to 23 in April from 3.7 in the prior month. That's the highest reading since December 2023.
Big picture: The string of positive readings adds to the sense that manufacturing is recovering after struggling in the wake of the COVID-19 pandemic.
Market reaction: Stocks DJIA SPX were set to open higher on Thursday while the 10-year Treasury yield BX:TMUBMUSD10Y was up to 4.616% in early morning trading.
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