NEW YORK – The region's manufacturing sector continued to improve, as the general business conditions index increased to 20.2 in April from 18.9 in March, 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 broadest survey measures remained positive this month, with measures of general activity and new orders showing a slight improvement from March,” according to the survey. “More firms reported higher input prices this month, but prices for manufactured goods remained nearly steady. The survey's broad indicators of future activity continued to suggest that the region's manufacturing executives expect business activity to increase over the next six months.”
The prices paid index was 42.7, compared to 38.6 in January, new orders index rose to 13.9 from 9.3, shipments slumped to 5.6 from 13.6, the unfilled orders index climbed to negative 0.9 from negative 4.9, the delivery times index slipped to 5.4 from 7.9, inventories gained to positive 2.0 from negative 11.0, prices received increased to positive 1.0 from negative 0.4, the number of employees index slid to 7.3 from 8.4, and average employee workweek jumped to 8.3 from 7.6.
The six months from now general business conditions index slipped to 44.2 from 52.0 in last month’s survey, the prices paid index was at 50.6, down from 54.1 in the prior survey, and the prices received index was at 23.6, up from 22.9. The capital expenditures index crept to 10.2 from 9.7 last month. The number of employees index fell to 22.0 from 24.4, while the average workweek index slumped to 15.6 from 28.6. The new orders index climbed to 46.5 from 45.2; shipments fell to 42.8 from 44.3; and the unfilled orders index rose to 24.6 from 18.6. The delivery times index rose to 11.3 from 0.7, and inventories increased to 8.6 from 8.1.
