The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index soared to 15.2 in June from 6.7 in May, exceeding expectations for a rise to 8.0. It was the highest level since December 2014.
A reading above zero indicates expansion.
The increase was driven by higher demand for manufactured goods. The new orders index increased to 15.2 in June from 4.0 in May.
The shipments index jumped 14.3 in June from 1.0 in May.
The prices paid index climbed to 17.2 in June from -14.2 in May, while the prices received index were up to 4.8 from -5.4.
The number of employees index declined to 3.8 in June from 6.7 last month.
According to the report, the future general activity index rose to 39.7 in June from 33.9 in May. It was the highest level since January.