April Philadelphia Fed index positive, but mixed
Manufacturers report activity has “continued to grow” in April as the Federal Reserve Bank of Philadelphia Report on Business general business conditions index dipped to 8.5 from 13.7 in March.
Economists surveyed by IFR Markets predicted a reading of 10.0 for the index.
The prices paid index was 21.6, up from 19.7 last month, new orders index soared to 15.7 from 1.9, shipments slid to 18.4 from 20.0, the unfilled orders index fell to 0.4 from 3.1, the delivery times index dropped to negative 5.1 from positive 8.8, inventories fell to 2.6 from 17.2, prices received declined to 20.0 from 24.7, the number of employees index increased to 14.7 from 9.6, and the average employee workweek grew to 11.2 from 10.6.
The six months from now general business conditions index declined to 19.1 from 21.8 in last month’s survey, the prices paid index was at 26.0, down from 47.3 in the prior survey, and the prices received index fell to 25.4 from 32.4. The capital expenditures index soared to 30.9 from 19.5 last month. The number of employees index plunged to 14.9 from 24.9, while the average workweek index declined to 3.6 from 9.2. The new orders index grew to 23.9 from 19.8, shipments rose to 23.1 from 20.5; and the unfilled orders index dropped to 3.9 from 13.1. The delivery times index reversed to positive 2.0 from negative 7.5, and inventories narrowed to negative 7.6 from negative 9.8.