NEW YORK – The region's manufacturing sector showed improvement in November, as the general business conditions index surged to 22.5 from 1.0 in October, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 5.0 for the index.
The prices paid index was 34.0, compared to 31.5 last month, new orders index rebounded to positive 10.4 from negative 5.0, shipments soared to 16.8 from 1.4, the unfilled orders index reversed to positive 3.7 from negative 8.9, the delivery times index advanced to positive 2.1 from negative 0.3, inventories improved to negative 5.9 from negative 18.6, prices received increased to negative 2.1 from negative 9.0, the number of employees index rose to 13.3 from 2.4, and average employee workweek climbed to positive 10.9 from negative 6.0.
The six months from now general business conditions index jumped to 49.0 from 41.0 in last month’s survey, the prices paid index was at 53.9, up from 46.7 in the prior survey, and the prices received index surged to 33.4 from 15.0. The capital expenditures index slid to 20.2 from 21.4 last month. The number of employees index crept to 21.7 from 21.0, while the average workweek index decreased to 19.0 from 25.7. The new orders index slipped to 39.4 from 43.0; shipments rose to 39.5 from 32.3; and the unfilled orders index declined to 9.8 from 11.4. The delivery times index increased to 3.8 from 2.2, and inventories dropped to negative 12.8 from positive 3.7.
