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 September, albeit at a slower pace than in the previous month.

According to the survey, the diffusion index for current general activity fell from 17.2 in August to 15.0 this month, recording its fourth positive reading after reaching long-term lows in the spring.

Economists had forecast the index to decrease to 15.0.

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

According to the report, the new orders index rose 6.5 points to 25.5, while the current shipments index surged 27.2 points to 36.6 and the current employment index rose 6.7 points to 15.7, remaining in positive territory for the third consecutive month. In addition, most of the future indicators of the survey grew, suggesting more widespread optimism among firms about growth over the next six months.