Phila. Fed's survey shows optimism

Philadelphia-area manufacturers remain optimistic about current business conditions but reluctant to boost payrolls even with higher production rates, according to a monthly survey from the Philadelphia Federal Reserve Bank.

The broadest measure of economic activity in the index rose to 21.4 this month from 20.2 in April. A zero reading represents no growth.

The concerns in the survey were low capacity utilization rates, the cost of hiring workers, and uncertainty about demand, according to the bank's Business Outlook Survey.    - Bob Fernandez