Federal Reserve Bank of Philadelphia

The Philadelphia Fed regional index unexpectedly rose in December to its strongest growth rate since mid-2005. Shipments again had trouble keeping pace with rising orders, and business confidence continues to rise.

Manufacturing activity in the mid-Atlantic region unexpectedly surged in November. The Philly Fed's Business Outlook Survey index jumped to 22.5 in November from 1 in October, its highest reading since December 2009.

Manufacturing activity in the mid-Atlantic region showed modest improvement in October, according to the Federal Reserve Bank of Philadelphia, which saw its Business Outlook Survey rise to 1.0. However, despite that return to positive territory overall, key index components continued to reveal economic softness.

Two key indicators released Thursday continue to confirm a U.S. economy in the midst of a pronounced recession -- the nation's worst contraction in decades. The Index of Leading Economic Indicators fell -0.4 percent in February on declines in employment and industrial production, The Conference...