Philadelphia Fed Index Negative 1.9 in September vs. Negative 7.1 in August

The region's manufacturing sector contracted again in August, as the general business conditions index improved to negative 1.9 from negative 7.1 in August, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Economists surveyed by Thomson Reuters predicted a reading of negative 4.0 for the index.

The prices paid index was 8.0, compared to 11.2 last month, new orders index gained to positive 1.0 from negative 5.5, shipments slipped to negative 21.2 from negative 11.3, the unfilled orders index rose to negative 8.2 from negative 16.2, the delivery times index improved to negative 8.4 from negative 12.2, inventories slumped to negative 21.7 from negative 6.9, prices received reversed to negative 0.2 from positive 2.8, the number of employees index climbed to negative 7.3 from negative 8.6, and the average employee workweek gained to negative 7.3 from negative 14.6.

The six months from now general business conditions index surged to 41.2 from 12.5 in last month's survey, the prices paid index was at 38.0, up from 33.1 in the prior survey, and the prices received index rose to 27.2 from 20.3. The capital expenditures index sank to 4.8 from 9.1 last month. The number of employees index grew to 21.4 from 10.8, while the average workweek index soared to 14.6 from 4.8. The new orders index surged to 49.4 from 18.5; shipments jumped to 42.9 from 11.7; and the unfilled orders index increased to 13.8 from 1.2. The delivery times index reversed to positive 6.8 from negative 0.8, and inventories rose to negative 4.7 from negative 6.2.

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