Philly area factories growing by most in 21 years

Manufacturing in the Philadelphia region grew at the fastest pace in nearly 21 years, a sign that factory output may be picking up nationwide.

The Federal Reserve Bank of Philadelphia says its index of regional factory activity jumped to 40.8 in November from 20.7 in October. That is the highest level for the index since December 1993.

The report adds to other recent evidence that U.S. manufacturing is expanding modestly and helping boost economic growth. A measure of new orders soared and a gauge of shipments also rose. More firms in the area also said they were adding jobs.

The survey covers manufacturing in Pennsylvania, New Jersey and Delaware. A similar report from the New York Fed on Monday also showed strong growth.