NEW YORK – The region's manufacturing sector expanded in November but at an extremely slow pace slower than in October, as the general business conditions index slipped to 3.6 from 8.7 in October, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 7.0 for the index.
The prices paid index was 22.8, compared to 20.0 last month, new orders index dropped to 1.3 from 7.8, shipments slid to 7.3 from 13.6, the unfilled orders index declined to negative 1.5 from positive 3.4, the delivery times index rose to positive 2.5 from negative 0.5, inventories reversed to positive 6.6 from negative 7.7, prices received increased to positive 2.6 from negative 2.5, the number of employees index surged to 12.0 from 1.4, and average employee workweek climbed to 11.0 from 3.1.
The six months from now general business conditions index surged to 41.9 from 27.2 in last month’s survey, the prices paid index was at 40.9, down from 44.7 in the prior survey, and the prices received index gained to 29.7 from 25.4. The capital expenditures index rose to 16.1 from 12.3 last month. The number of employees index rose to 25.4 from 14.5, while the average workweek index dropped to 3.9 from 9.7. The new orders index jumped to 39.8 from 26.7; shipments grew to 37.3 from 27.1; and the unfilled orders index increased to 9.0 from 7.7. The delivery times index slid to negative 3.7 from negative 1.4, and inventories dropped to negative 11.3 from negative 4.4.
