Philadelphia Fed Index Surges in June

Factory activity in the U.S. mid-Atlantic region rebounded in June to its highest level in more than two years as new orders accelerated, a survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business activity index rose to 12.5 from minus 5.2 in May, far exceeding economists' expectations for minus 2. It was the highest level since April 2011.

Any reading above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.

The new orders index jumped to 16.6 from minus 7.9, while employment improved to minus 5.4 from minus 8.7.