NEW YORK – The region's manufacturing sector continued to expand, but a little slower in December, as the general business conditions index slipped to 19.3 from 20.8 in November, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 20.0 for the index.
The prices paid index was 54.3, compared to 47.9 last month, new orders index rebounded to 23.6 from 10.6, shipments grew to 13.4 from 5.2, the unfilled orders index increased to 8.7 from 4.0, the delivery times index dipped to 2.3 from 7.0, inventories reversed to positive 6.8 from negative 5.9, prices received increased to 17.1 from 9.4, the number of employees index rose to 17.6 from 4.3, and average employee workweek slumped to 10.6 from 16.8.
The six months from now general business conditions index slid to 49.8 from 55.4 in last month’s survey, the prices paid index was at 66.4, up from 61.3 in the prior survey, and the prices received index jumped to 38.2 from 27.5. The capital expenditures index fell to 29.0 from 30.0 last month. The number of employees index slipped to 31.0 from 32.1, while the average workweek index decreased to 22.9 from 25.5. The new orders index dropped to 43.3 from 49.9; shipments fell to 42.7 from 46.3; and the unfilled orders index slid to 11.8 from 14.4. The delivery times index increased to 13.5 from 9.8, and inventories climbed to 13.9 from 5.1.
