Philly Fed Index Surges To 40.8 In November

The Philadelphia Fed's manufacturing index jumped to 40.8 in November from 20.7 in October. This is the highest reading of activity since December 1993. The index topped a MarketWatch-compiled economist forecast of 18.5. Any reading above zero indicated expansion. Both new orders and shipments rose sharply in November. Labor market indicators also improved. The two price measures moderated.