NEW YORK – The region's manufacturing sector continued to improve, as the general business conditions index increased to 17.6 in February from 15.2 in January, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 17.0 for the index.
“Indexes for general activity, new orders, shipments, and employment all remained positive this month and increased from their readings in January. Firms reported a notable pickup in new orders this month. Overall, firms remain generally optimistic about growth for the manufacturing sector over the next six months,” according to the survey.
The prices paid index was 32.4, compared to 33.2 in December, new orders index grew to 22.7 from 3.2, shipments jumped to 19.7 from 11.0, the unfilled orders index dropped to negative 7.5 from positive 3.6, the delivery times index reversed to negative 2.1 from positive 6.6, inventories surged to positive 3.2 from negative 1.6, prices received increased to 3.7 from 2.7, the number of employees index rose to 7.4 from 6.1, and average employee workweek slipped to 1.9 from 4.2.
The six months from now general business conditions index slid to 35.8 from 43.3 in last month’s survey, the prices paid index was at 51.2, up from 47.0 in the prior survey, and the prices received index was at 26.4, up from 15.4. The capital expenditures index soared to 26.0 from 16.8 last month. The number of employees index fell to 13.8 from 14.4, while the average workweek index gained to 23.9 from 22.4. The new orders index slipped to 41.3 from 44.6; shipments rose to 51.0 from 39.8; and the unfilled orders index slid to 14.1 from 17.4. The delivery times index inched down to 9.0 from 9.4, and inventories rose to 15.4 from 10.2.
