The Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Thursday, revealed the region's manufacturing activity continued to expand in early September at a faster pace than in August. 

According to the survey, the diffusion index for current general activity rose from 19.4 in August to 30.7 this month.

Economists had forecast the index to slip to 18.8.

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

According to the report, the current shipments index rose 11.0 points to 29.9 this month, while the new orders index dropped 6.9 points to 15.9 and the current employment index fell 6.3 points to 26.3. On the price front, the prices paid diffusion index declined 3.9 points to 67.3, while the current prices received index decreased 1.0 point to 52.9. Despite these drops, both indicators remained elevated.