NEW YORK – The region's manufacturing sector expanded in December at a swifter pace than in November, as the general business conditions index climbed to 10.3 from 3.6 in November, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 5.0 for the index.
The prices paid index was 33.7, compared to 22.8 last month, new orders index jumped to 9.7 from 1.3, shipments slid to 6.7 from 7.3, the unfilled orders index surged to positive 7.2 from negative 1.5, the delivery times index rose to 3.0 from 2.5, inventories reversed to negative 14.9 from positive 6.6, prices received increased to 12.0 from 2.6, the number of employees index slid to 10.7 from 12.0, and average employee workweek slumped to 2.5 from 11.0.
The six months from now general business conditions index gained to 44.1 from 41.9 in last month’s survey, the prices paid index was at 51.2, up from 40.9 in the prior survey, and the prices received index fell to 26.0 from 29.7. The capital expenditures index dropped to 13.1 from 16.1 last month. The number of employees index plunged to 12.9 from 25.4, while the average workweek index grew to 6.5 from 3.9. The new orders index jumped to 47.6 from 39.8; shipments grew to 37.4 from 37.3; and the unfilled orders index decreased to 4.4 from 9.0. The delivery times index reversed to positive 1.2 from negative 3.7, and inventories narrowed to negative 6.8 from negative 11.3.
