Philadelphia-area manufacturing activity unexpectedly grew at a faster rate in the month of October, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its index for current manufacturing activity in the region climbed to 27.9 in October from 23.8 in September, with a positive reading indicating growth.
The increase by the Philly Fed index came as a surprise to economists, who had expected the index to drop to 22.0.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.