Factories in Philly region show solid growth

AP News
Posted: Dec 15, 2011 10:36 AM
Factories in Philly region show solid growth

Factories are growing again in the Philadelphia region after contracting over the summer.

A gauge of manufacturing conditions in the area rose in December for the third straight month and at the fastest rate since April. That's an improvement from this summer, when conditions at factories in the region contracted for two straight months.

The Federal Reserve Bank of Philadelphia says its regional index of manufacturing conditions increased to 10.3 in December, up from a November reading of 3.6. The index tracks manufacturing conditions in the region covered by the Philadelphia Fed. That includes eastern Pennsylvania, southern New Jersey and Delaware.

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One-fourth of manufacturing firms in the region reported increases in activity.