The Third District’s manufacturing sector “dipped significantly” in August, as the general business conditions index slumped to negative 30.7 from positive 3.2 in July, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates. Economists had predicted a reading of positive 4.0 for the index.
The prices paid index was 12.8, down from 25.1 last month, while the new orders index plunged to negative 26.8 from positive 0.1. Shipments slid to negative 13.9 from positive 4.3, the unfilled orders index slipped to negative 20.9 from negative 16.3, and the delivery times index fell to negative 18.1 from a positive 6.4.
The general business conditions index for six months from now plunged to 1.4 from 23.7 in last month’s survey.
