The region's manufacturing sector expanded in March, but at a slower pace than in February, as the general business conditions index declined to 32.8 from 43.3 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 30.0 for the index.
The prices paid index was 40.7, up from 29.9 last month, new orders index climbed to 38.6 from 38.0, shipments rose to 32.9 from 28.6, the unfilled orders index grew to 14.4 from 10.7, the delivery times index crept to 4.5 from 4.1, inventories increased to positive 11.8 from negative 4.7, prices received soared to 20.6 from 10.6, the number of employees index rose to 17.5 from 11.1, and the average employee workweek increased to 18.5 from 13.6.
The six months from now general business conditions index rose to 59.5 from 53.5 in last month's survey, the prices paid index was at 55.7, up from 51.1 in the prior survey, and the prices received index gained to 40.2 from 23.5. The capital expenditures index climbed to 34.5 from 22.1 last month. The number of employees index gained to 38.5 from 28.5, while the average workweek index increased to 21.9 from 19.9. The new orders index grew to 61.0 from 51.5, shipments increased to 54.8 from 51.7; and the unfilled orders index fell to 16.75 from 19.5. The delivery times index slid to 7.7 from 11.5, and inventories grew to 16.3 from 14.1.
