The Philadelphia Federal Reserve reports that its the general business activity index of its Philly Fed Survey drastically improved in December to a reading of 8.1, far better than November’s -10.7 figure.
The December report is indicative of economic expansion. Of the last 8 months, only 1 other report (October) from the Philly Fed has indicated economic expansion. This is the highest the index has been since April’s reading of 8.5.
Of those surveyed, 25.5% of businesses reported that business conditions had improved, while 17.4% reported that conditions had worsened.