Conditions for manufacturers in the Philadelphia region are better this month than in May, and have been improving for four consecutive months, the Federal Reserve Bank of Philadelphia reported Thursday.
The Philly Fed's closely watched "Business Outlook Survey" said responding firms "reported continued increases in overall activity, new orders, shipments, and employment this month."
Seventy-five companies responded to the survey, said Mike Trebing, senior economic analyst at the bank. The Philadelphia Fed, one of 12 regional Fed banks, covers Eastern Pennsylvania, South Jersey, and Delaware.
The monthly survey always includes questions about the sort of business conditions that manufacturers expect to encounter in the next six months, and the latest measure of future activity "showed a notable improvement, indicating that firms expect continued growth and employment increases over the next six months," the bank said.