Philadelphia-area manufacturing activity unexpectedly expands in June

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

According to the survey, the diffusion index for current general activity rose from -43.1 in May to 27.5 this month, its first positive reading since February.

Economists had forecast the index to increase to -23.0.

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

According to the report, the current new orders index increased 42 points to 16.7, while the shipments index rose 56 points to 25.3. The employment index increased 11 points to -4.3, remaining in contraction territory. On the price front, the prices paid index increased 8 points to 11.1, while prices received index rose 14 points to a reading of 11.0, its first positive reading since March.