NEW YORK – The region's manufacturing sector continued to expand, at a quicker pace in February, as the general business conditions index jumped to 35.9 from 19.3 in January, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 21.0 for the index.
The prices paid index was 67.2, compared to 54.3 last month, new orders index crept up to 23.7 from 23.6, shipments grew to 35.2 from 13.4, the unfilled orders index increased to 14.9 from 8.7, the delivery times index soared to 10.0 from 2.3, inventories slipped to 2.1 from 6.8, prices received increased to 21.0 from 17.1, the number of employees index rose to 23.6 from 17.6, and average employee workweek climbed to 12.8 from 10.6.
The six months from now general business conditions index slid to 46.8 from 49.8 in last month’s survey, the prices paid index was at 73.1, up from 66.4 in the prior survey, and the prices received index gained to 40.1 from 38.2. The capital expenditures index fell to 16.2 from 29.0 last month. The number of employees index slipped to 24.4 from 31.0, while the average workweek index decreased to 13.9 from 22.9. The new orders index dropped to 42.1 from 43.3; shipments rose to 51.2 from 42.7; and the unfilled orders index increased to 22.2 from 11.8. The delivery times index declined to 4.7 from 13.5, and inventories slipped to 9.4 from 13.9.
