The Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Thursday, revealed the region's manufacturing activity picked up in October.

According to the survey, the diffusion index for current general activity climbed from 15 in September to 32.3 this month. That was the highest reading since February.

Economists had forecast the index to decrease to 14.0.

A reading above 0 signals expansion, while a reading below 0 indicates contraction.

According to the report, the new orders index surged 17.1 points to 42.6, while the current shipments index jumped 9.9 points to 46.5. The current employment index, however, fell 3 points to 12.7 this month. Elsewhere, the survey’s price indicators suggest modest price pressure: the prices paid index increased 3.4 points to 28.5 and the prices received index decreased 4.4 points to 14.0.