The region's manufacturing sector expanded at a slower pace in September, as the general business conditions index slipped to 22.5 from 28.0 in August, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 23.0 for the index.
The prices paid index was 27.0, up from 24.9 last month, new orders index rose to 15.5 from 14.7, shipments grew to 21.6 from 16.5, the unfilled orders index reversed to positive 5.0 from negative 4.1, the delivery times index declined to 3.8 from 4.5, inventories slid to 6.1 from 8.3, prices received gained to 8.8 from 4.2, the number of employees index surged to 21.2 from 9.1, and the average employee workweek sank to 4.4 from 13.3.
The six months from now general business conditions index fell to 56.0 from 66.4 in last month's survey, the prices paid index was at 46.2, down from 50.3 in the prior survey, and the prices received index grew to 31.3 from 29.5. The capital expenditures index increased to 23.7 from 17.5 last month. The number of employees index jumped to 39.6 from 24.7, while the average workweek index dropped to 8.9 from 17.8. The new orders index slid to 51.7 from 58.9; shipments declined to 58.8 from 67.4; and the unfilled orders index fell to 19.6 from 26.6. The delivery times index decreased to 6.8 from 9.4, and inventories increased to 11.9 from 10.5.
