PHILADELPHIA PA – Business activity in the Greater Philadelphia region may be looking up, the Federal Reserve Bank of Philadelphia reported Thursday (April 16, 2009). Or, maybe more accurately, it’s looking less down.

Manufacturing in the region “contracted less severely” during the past 30 days in comparison to previous months, the Philly Fed said in its April Business Outlook Survey. General business activity among manufacturers, including new orders and employment, were below previous-year levels but “somewhat improved from March,” the report noted.

“Most of the survey’s broad indicators of future activity improved notably … suggesting that the region’s manufacturing executives expect declines to bottom out over the next six months,” it added.

The Philly Fed is one of the 12 regional reserve banks that help regulate the nation’s economic system. It serves eastern Pennsylvania, southern New Jersey, and Delaware.