The region's manufacturing sector expanded in April, as the general business conditions index slipped to 1.3 from 2.0 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 3.0 for the index.
The prices paid index was 3.1, compared to 8.5 last month, new orders index fell to negative 1.0 from positive 0.5, shipments grew to 9.1 from 3.5, the unfilled orders index widened to negative 8.7 from negative 6.4, the delivery times index slipped to negative 13.8 from negative 7.5, inventories slumped to negative 22.2 from zero, prices received widened to negative 7.5 from negative 0.8, the number of employees index fell to negative 6.8 from positive 2.7, and the average employee workweek narrowed to negative 2.1 from negative 12.9.
The six months from now general business conditions index fell to 19.5 from 32.5 in last month's survey, the prices paid index was at 26.6, down from 30.9 in the prior survey, and the prices received index slid to 8.3 from 16.6. The capital expenditures index climbed to 7.8 from 6.8 last month. The number of employees index inched up to 8.2 from 8.1, while the average workweek index gained to 6.6 from 3.4. The new orders index dropped to 24.3 from 34.5; shipments fell to 26.5 from 31.2; and the unfilled orders index decreased to negative 2.1 from positive 6.6. The delivery times index reversed to negative 4.5 from positive 2.2, and inventories widened to negative 13.3 from negative 5.6.
