The region's manufacturing sector expanded at a slower pace in October, as the general business conditions index slipped to 19.8 from 22.3 in September, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 15.0 for the index.
The prices paid index was 21.7, off from 25.3 last month, new orders index rose to 27.5 from 21.2, shipments fell to 20.4 from 21.2, the unfilled orders index gained to 9.1 from 4.3, the delivery times index jumped to positive 6.1 from negative 1.2, inventories improved to positive 7.3 from negative 1.8, prices received increased to 14.2 from 12.7, the number of employees index rose to 15.4 from 10.3, and the average employee workweek fell to 8.5 from 12.2.
The six months from now general business conditions index grew to 60.8 from 58.2 in last month's survey, the prices paid index was at 46.1, up from 43.1 in the prior survey, and the prices received index gained to 35.6 from 31.7. The capital expenditures index slipped to 23.4 from 27.7 last month. The number of employees index dropped to 27.2 from 31.0, while the average workweek index slumped to 9.3 from 16.2. The new orders index increased to 63.7 from 62.2; shipments fell to 53.8 from 58.3; and the unfilled orders index dipped to 17.8 from 18.5. The delivery times index decreased to negative 2.3 from positive 8.3, and inventories dropped to 9.4 from 13.6.
