Separate reports released by the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphia on Thursday showed faster growth in regional manufacturing activity in the month of April.
The New York Fed said its general business conditions index climbed to 26.3 in April from 17.4 in March, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to inch up to 19.5.
Meanwhile, the Philly Fed said its index for current manufacturing activity rose to 50.2 in April from a downwardly revised 44.5 in March.
The increase surprised economists, who had expected the index to drop to 42.0 from the 51.8 originally reported for the previous month.