THE ECONOMY

Business at factories in the Philadelphia area expanded in April at the fastest pace in nearly three years, further evidence U.S. manufacturing is on the mend after last year’s dismal performance. The Federal Reserve Bank of Philadelphia’s general economic index--compiled from a survey of about 150 manufacturers--rose to 26.4 in April from 10.4 in March. Analysts had expected an index reading of 12.5 this month.