The region's manufacturing sector expanded at a faster pace in April, as the general business conditions index climbed to 16.6 from 9.0 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 10.0 for the index.
The prices paid index was 11.3, off from 13.9 last month, new orders index climbed to 14.8 from 5.7, shipments rose to 22.7 from 5.7, the unfilled orders index slipped to 2.0 from 2.6, the delivery times index slumped to negative 14.3 from negative 2.7, inventories narrowed to negative 1.5 from negative 6.8, prices received remained at 4.3, the number of employees index grew to 6.9 from 1.7, and the average employee workweek gained to 5.0 from 3.1.
The six months from now general business conditions index slid to 26.6 from 35.4 in last month's survey, the prices paid index was at 35.1, up from 29.4 in the prior survey, and the prices received index fell to 13.0 from 15.9. The capital expenditures index declined to 26.0 from 31.3 last month. The number of employees index dropped to 15.9 from 29.1, while the average workweek index dipped to negative 0.5 from negative 0.3. The new orders index fell to 29.7 from 32.2; shipments slid to 32.8 from 41.1; and the unfilled orders index reversed to positive 1.5 from negative 1.3. The delivery times index increased to 5.7 from 5.4, and inventories slumped to 4.8 from 12.2.
