“The region’s manufacturing sector is showing signs of growth,” as the general business conditions index increased to 14.1 in September from 4.2 in August, according to this month’s Federal Reserve Bank of Philadelphia Report on Business.
Economists surveyed by Thomson Reuters predicted a reading of 8.0 for the index.
“Indexes for general activity, new orders, and shipments all registered positive readings for the second consecutive month,” the report said. “Indexes for employment, work hours, and the prices received for manufactured goods remained negative, suggesting continued weakness.”
“The survey’s broad indicators of future activity continued to suggest that the region’s manufacturing executives expect business activity to increase over the next six months,” according to the Report on Business.
The prices paid index was 14.9, compared to 10.0 in August, new orders index slid to 3.3 from 4.2, shipments climbed to 8.2 from 0.6, and the unfilled orders index gained to negative 7.4 from negative 9.3.
Prices received declined to negative 10.6 from negative 1.5, the number of employees index dropped to negative 14.3 from negative 12.9, and the average employee workweek jumped to negative 3.9 from negative 6.3.
The general business conditions index for six months from now slipped to 47.8 from 56.8 in the August survey, prices paid was at 40.7, up from 23.9, and the prices received index was at 9.7, down from 13.6. The capital expenditures index rose to 0.8 from zero the previous month.
