NEW YORK – The region's manufacturing sector continued to expand, but at a slower pace in April, as the general business conditions index slumped to 18.5 from 43.4 in March, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 37.0 for the index.
The prices paid index was 57.1, compared to 63.8 last month, new orders index plunged to 18.8 from 40.3, shipments slid to 29.1 from 34.9, the unfilled orders index slipped to 14.9 from 12.9, the delivery times index grew to 11.2 from 8.5, inventories dropped to 1.7 from 12.0, prices received increased to 27.5 from 22.6, the number of employees index fell to 12.3 from 18.2, and average employee workweek climbed to 17.7 from 13.2.
The six months from now general business conditions index plunged to 33.6 from 63.0 in last month’s survey, the prices paid index was at 57.0, off from 67.2 in the prior survey, and the prices received index dipped to 37.5 from 38.1. The capital expenditures index fell to 20.0 from 34.5 last month. The number of employees index gained to 37.7 from 30.7, while the average workweek index increased to 18.4 from 17.0. The new orders index slumped to 29.2 from 60.1; shipments fell to 37.8 from 59.3; and the unfilled orders index decreased to 14.1 from 18.5. The delivery times index declined to negative 1.1 from positive 10.4, and inventories slid to 10.0 from 14.0.
