Oct. Philadelphia Fed index shows steady growth, prices ease
Manufacturers report expansion at a slightly slower rate in October, and the Federal Reserve Bank of Philadelphia Report on Business respondents reported price indexes were “lower than their readings for most of this year.”
The general business conditions index decreased to 22.2 from 22.9.
Economists surveyed by IFR Markets predicted a reading of 20.5 for the index.
The prices paid index was 38.2, down from 39.6 last month, new orders index slid to 19.3 from 21.4, shipments gained to 24.5 from 19.6, the unfilled orders index fell to negative 2.3 from positive 12.6, the delivery times index dropped to 0.2 from 11.1, inventories narrowed to negative 0.8 from negative 3.5, prices received gained to 24.1 from 19.6, the number of employees index grew to 19.5 from 17.6, and the average employee workweek climbed to 20.8 from 14.6.
The six months from now general business conditions index slid to 33.8 from 36.3 in last month’s survey, the prices paid index was at 54.1, up from 49.6 in the prior survey, and the prices received index grew to 51.1 from 44.2. The capital expenditures index dipped to 25.2 from 26.7 last month. The number of employees index slid to 30.2 from 31.7, while the average workweek index increased to 17.6 from 10.8. The new orders index gained to 43.4 from 34.7, shipments rose to 36.9 from 35.5; and the unfilled orders index fell to 3.4 from 10.5. The delivery times index reversed to negative 4.9 from positive 5.2, and inventories jumped to 12.4 from 0.4.