The region's manufacturing sector expanded in January, as the general business conditions index rose to 23.6 from a revised 19.7 in December, first reported as 21.5, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 16.0 for the index.
The prices paid index was 32.5, up from 28.1 last month, new orders index climbed to 26.0 from 14.9, shipments slid to 20.5 from 21.7, the unfilled orders index gained to 10.7 from 3.6, the delivery times index remained at 5.4, inventories increased to 12.2 from 1.3, prices received soared to 26.8 from 8.0, the number of employees index grew to 12.8 from 3.6, and the average employee workweek slid to 6.8 from 7.1.
The six months from now general business conditions index rose to 56.6 from 48.7 in last month's survey, the prices paid index was at 49.0, up from 46.5 in the prior survey, and the prices received index dipped to 27.5 from 29.1. The capital expenditures index slumped to 21.9 from 32.3 last month. The number of employees index surged to 38.6 from 24.2, while the average workweek index jumped to 22.5 from 15.6. The new orders index gained to 54.5 from 48.8, shipments increased to 59.1 from 46.7; and the unfilled orders index gained to 25.8 from 16.3. The delivery times index increased to 14.2 from 12.5, and inventories slid to 10.9 from 18.9.