The region's manufacturing sector expanded at a slower pace in November, as the general business conditions index slipped to 6.5 from 19.8 in October, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 15.5 for the index.
The prices paid index was 29.9, up from 21.7 last month, new orders index dropped to 11.8 from 27.5, shipments fell to 5.6 from 20.4, the unfilled orders index slid to negative 4.2 from positive 9.1, the delivery times index dipped to 3.2 from 6.1, inventories improved to 15.3 from 7.3, prices received decreased to 10.0 from 14.2, the number of employees index plunged to 1.1 from 15.4, and the average employee workweek reversed to negative 8.6 from positive 8.5.
The six months from now general business conditions index slid to 45.8 from 60.8 in last month's survey, the prices paid index was at 46.9, up from 46.1 in the prior survey, and the prices received index gained to 38.4 from 35.6. The capital expenditures index slipped to 17.2 from 23.4 last month. The number of employees index dipped to 26.9 from 27.2, while the average workweek index surged to 17.2 from 9.3. The new orders index dropped to 47.5 from 63.7; shipments fell to 42.7 from 53.8; and the unfilled orders index dipped to 14.3 from 17.8. The delivery times index increased to positive 3.5 from negative 2.3, and inventories dropped to 4.5 from 9.4.
