Manufacturing activity in the Federal Reserve Bank of Philadelphia’s region continued to weaken, as the general business conditions index dropped to negative 24.0 in February from negative 20.9 in January, this month’s Report on Business indicates.
Economists surveyed by IFR Markets predicted a reading of negative 12.0 for the index.
The prices paid index was 46.6, compared to 49.8 in January. New orders index improved to negative 10.9 from negative 15.2, shipments decreased to negative 12.2 from negative 2.3, the unfilled orders index dipped to negative 10.9 from negative 6.2, the delivery times index slid to negative 7.6 from negative 3.1, inventories declined to negative 13.0 from negative 11.7, prices received dropped to 24.3 from 32.0, the number of employees index reversed to positive 2.5 from negative 1.5, and average employee workweek improved to negative 3.9 from negative 16.1.
The six months from now general business conditions index slid to negative 16.9 from positive 5.2 in last month’s survey, prices paid slumped to 36.8 from 60.6, and the prices received index was at 32.1, down from 37.2. The capital expenditures index was at 1.7, down from 19.0 last month. Number of employees index fell to negative 8.8 from positive 18.8, while the average workweek declined to negative 1.9 from negative 1.2. The new orders index slid to negative 7.8 from positive 9.5, shipments fell to 5.2 from 13.6, unfilled orders improved to negative 10.6 from negative 12.1, and delivery times were at negative 5.8 from negative 8.2. Inventories fell to negative 12.9 from negative 7.7.
