The region's manufacturing sector expanded in October, although the general business conditions index declined to 9.7 from 12.8 in September, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 5.8 for the index.
The prices paid index was 7.0, down from 20.6 last month, new orders index rose to 16.3 from 1.4, shipments reversed to positive 15.3 from negative 8.8, the unfilled orders index narrowed to negative 0.7 from negative 10.8, the delivery times index improved to negative 0.3 from negative 9.3, inventories climbed to negative 12.8 from negative 26.2, prices received fell to negative 3.7 from positive 9.7, the number of employees index narrowed to negative 4.0 from negative 5.3, and the average employee workweek gained to negative 2.2 from negative 11.7.
The six months from now general business conditions index slid to 32.6 from 37.5 in last month's survey, the prices paid index was at 42.4, up from 42.1 in the prior survey, and the prices received index fell to 29.2 from 33.4. The capital expenditures index surged to 21.2 from 8.6 last month. The number of employees index climbed to 25.9 from 24.9, while the average workweek index rose to 15.7 from 9.8. The new orders index grew to 39.3 from 36.7, shipments jumped to 40.8 from 30.5; and the unfilled orders index increased to 15.3 from 9.7. The delivery times index slid to 6.2 from 8.5, and inventories gained to 14.0 from 6.3.
