The region's non-manufacturing sector "expanded at a faster pace in January compared with December," as the general business conditions index soared to 37.7 from 19.5 in December, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.
At the company level, the general business activity index rose to 33.3 from 26.1.
The prices paid index was 29.5, up from 18.1 last month, new orders index grew to 28.9 from 20.2, sales or revenues surged to 43.5 from 20.4, the unfilled orders index rose to 8.9 from 3.7, the inventories index slipped to 10.4 from 11.2, prices received increased to 22.1 from 9.3, the number of full time employees index rose to 19.5 from 16.7, and the average employee workweek soared to 32.6 from 19.2.
The six months from now regional general business conditions index climbed to 70.6 from 63.3, while the company general business conditions index spiked to 68.3 from 61.6.
