NEW YORK – The region's manufacturing sector “dipped significantly” in August, as the general business conditions index slumped to negative 30.7 from positive 3.2 in July, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of positive 4.0 for the index.
The prices paid index was 12.8, compared to 25.1 last month, new orders index plunged to negative 26.8 from positive 0.1, shipments slid to negative 13.9 from positive 4.3, the unfilled orders index slipped to negative 20.9 from negative 16.3, the delivery times index fell to negative 18.1 from positive 6.4, inventories dropped to negative 9.8 from positive 1.4, prices received decreased to negative 9.0 from positive 1.1, the number of employees index fell to negative 5.2 from positive 8.9, and average employee workweek slumped to negative 14.4 from negative 5.4.
The six months from now general business conditions index plunged to 1.4 from 23.7 in last month’s survey, the prices paid index was at 34.6, off from 38.7 in the prior survey, and the prices received index gained to 16.5 from 8.3. The capital expenditures index fell to 5.2 from 18.1 last month. The number of employees index fell to 7.8 from 10.1, while the average workweek index decreased to negative 5.3 from positive 4.1. The new orders index slumped to 16.3 from 27.8; shipments fell to 12.6 from 23.0; and the unfilled orders index decreased to negative 3.5 from positive 2.9. The delivery times index declined to negative 5.1 from positive 3.4, and inventories slid to negative 26.2 from positive 5.0.
