Manufacturing activity in the Philadelphia region jumped in June to its highest level since April 2011, the Philadelphia Federal Reserve reported Thursday
The bank's business condition index rose to 12.5 in June from negative 5.2 in May
The size of the improvement was unexpected
The consensus of economists polled by MarketWatch was for the index to only inch higher to negative 1.0
Any number above zero indicates more companies are expanding their business instead of shrinking it
The headline business condition index is a separate question and not a buildup of components. So economists pay close attention to the details of the report, which were strong in the month
The index for new orders rose to 16.6 in June from negative 7.9 in May
Shipments also moved higher
The employment indexes showed more modest improvement
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