Nov. Philadelphia Fed index shows slower growth
Manufacturers report expansion at a slower rate in November, and the Federal Reserve Bank of Philadelphia Report on Business respondents showed price indexes were positive, but again “lower than their readings for most of this year.”
The general business conditions index decreased to 12.9 from 22.2.
Economists surveyed by IFR Markets predicted a reading of 20.2 for the index.
The prices paid index was 39.3, up from 38.2 last month, new orders index slid to 9.1 from 19.3, shipments fell to 21.6 from 24.5, the unfilled orders index widened to negative 4.8 from negative 2.3, the delivery times index climbed to 5.0 from 0.2, inventories reversed to positive 9.5 from negative 0.8, prices received slid to 21.9 from 24.1, the number of employees index declined to 16.3 from 19.5, and the average employee workweek dropped to 6.3 from 20.8.
The six months from now general business conditions index slid to 27.2 from 33.8 in last month’s survey, the prices paid index was at 59.5, up from 54.1 in the prior survey, and the prices received index grew to 58.6 from 51.1. The capital expenditures index climbed to 36.1 from 25.2 last month. The number of employees index grew to 32.5 from 30.2, while the average workweek index increased to 19.5 from 17.6. The new orders index gained to 46.5 from 43.4, shipments rose to 38.9 from 36.9; and the unfilled orders index increased to 13.1 from 3.4. The delivery times index reversed to positive 2.5 from negative 4.9, and inventories slipped to 10.0 from 12.4.