Philly Fed survey: Business is better, manufacturers say

Philadelphia-area manufacturers say business seems to be improving as a broad measure of their activity expanded this month to its highest level since October, according to the monthly business-outlook survey by the Federal Reserve Bank of Philadelphia.

The survey's general activity index tracking about 100 Philadelphia-area manufacturers rose to 10.2 in February from 7.3 in January. A reading below zero means that the manufacturing economy is shrinking and potentially laying off employees, and a reading above zero means the manufacturing economy is expanding.

The survey is considered a national bellwether of manufacturing activity because it is among the first indicators to be released for the month.

Philadelphia-area manufacturers indicated they were boosting the average work hours for employees but were not hiring additional employees, according to responses to the survey.

Contact staff writer Bob Fernandez at 215-854-5897 or bob.fernandez@phillynews.com.