NEW YORK – The region's manufacturing sector continued to improve, as the general business conditions index increased to 21.4 in May from 20.2 in April, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
The prices paid index was 35.5, compared to 42.7 in April, new orders index fell to 6.1 from 13.9, shipments jumped to 15.8 from 5.6, the unfilled orders index dropped to negative 3.0 from negative 0.9, the delivery times index slipped to negative 1.2 from 5.4, inventories slumped to negative 7.9 from positive 2.0, prices received increased to positive 3.5 from positive 1.0, the number of employees index slid to 3.2 from 7.3, and average employee workweek slipped to 7.0 from 8.3.
The six months from now general business conditions index slipped to 37.0 from 44.2 in last month’s survey, the prices paid index was at 31.3, down from 50.6 in the prior survey, and the prices received index was at 15.8, down from 23.6. The capital expenditures index dipped to 7.7 from 10.2 last month. The number of employees index rose to 30.1 from 22.0, while the average workweek index slumped to 14.6 from 15.6. The new orders index climbed to 48.4 from 46.5; shipments fell to 40.5 from 42.8; and the unfilled orders index fell to 4.0 from 24.6. The delivery times index fell to negative 2.7 from positive 11.3, and inventories decreased to negative 2.0 from positive 8.6.
