The region's non-manufacturing sector surged in May, as the general business conditions index climbed to 54.5 from 41.0 in April, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
At the company level, the general business activity index gained to 52.3 from 43.6.
The prices paid index was 11.4, down from 17.9 last month, new orders index slid to 27.3 from 35.9, sales or revenues increased to 43.2 from 38.5, the unfilled orders index rose to 6.8 from 5.1, the inventories index declined to 11.4 from 12.8, prices received soared to 36.4 from 5.1, the number of full time employees index fell to 13.6 from 23.1, the number of part time employees index grew to 27.3 from 23.1, and the average employee workweek dipped to 22.7 from 23.1.
The six months from now regional general business conditions index fell to 79.5 from 82.1 in last month's survey, while the company general business conditions index increased to 77.3 from 74.4.
