The region's manufacturing sector expanded at a faster pace in August, as the general business conditions index climbed to 28.0 from 23.9 in July, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 20.0 for the index.
The prices paid index was 24.9, down from 34.7 last month, new orders index fell to 14.7 from 34.2, shipments slid to 16.5 from 34.2, the unfilled orders index reversed to negative 4.1 from positive 9.1, the delivery times index declined to 4.5 from 9.6, inventories gained to 8.3 from 4.8, prices received dipped to 24.9 from 34.7, the number of employees index fell to 9.1 from 12.2, and the average employee workweek rose to 13.3 from 12.5.
The six months from now general business conditions index rose to 66.4 from 58.1 in last month's survey, the prices paid index was at 50.3, up from 38.2 in the prior survey, and the prices received index grew to 29.5 from 23.5. The capital expenditures index decreased to 17.5 from 18.9 last month. The number of employees index slipped to 24.7 from 29.1, while the average workweek index gained to 17.8 from 14.4. The new orders index rose to 58.9 from 53.5; shipments jumped to 67.4 from 57.9; and the unfilled orders index soared to 26.6 from 13.8. The delivery times index increased to 9.4 from 4.7, and inventories increased to 10.5 from 0.5.
