The Philadelphia Federal Reserve's manufacturing reading rose to 47.4 in August from 41.4 in July, suggesting a faster pace of expansion after growth in the Empire State reading earlier in the week.
The index of leading indicators rose by 0.2% in July after a 0.1% decline in June, with positive contributions from seven components, led by jobless claims and building permits. Business conditions expectations were the largest negative factor.
The Conference Board said that economic growth is expected to be led by investments in AI, while consumer spending is forecast to slow.
Initial jobless claims decreased by 6,000 to 206,000 in the employment survey week ended Aug. 15, but the four-week moving average rose by 4,250 to 204,000, a second straight increase. Initial claims were at a level of 189,000 in the employment survey week ended July 18.
Insured claims rose by 18,000 to 1.799 million in the week ended Aug. 8.
Natural gas stocks rose by 16 billion cubic feet to 3.169 trillion cubic feet in the week ended Aug. 14, down 0.9% from a year earlier but 6.2% higher than the seasonal average for the current week over the previous five years.