NEW YORK – The region's manufacturing sector continued to expand, but at a much slower pace in May, as the general business conditions index slumped to 3.9 from 18.5 in April, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 20.0 for the index.
The prices paid index was 48.3, compared to 57.1 last month, new orders index plunged to 5.4 from 18.8, shipments slid to 6.5 from 29.1, the unfilled orders index slipped to negative 7.8 from positive 12.9, the delivery times index fell to negative 2.3 from positive 11.2, inventories dropped to negative 5.4 from positive 1.7, prices received decreased to 16.8 from 27.5, the number of employees index rose to 22.1 from 12.3, and average employee workweek slumped to 3.9 from 17.7.
The six months from now general business conditions index plunged to 16.6 from 33.6 in last month’s survey, the prices paid index was at 52.4, off from 57.0 in the prior survey, and the prices received index dipped to 27.3 from 37.5. The capital expenditures index grew to 23.1 from 20.0 last month. The number of employees index fell to 22.3 from 37.7, while the average workweek index decreased to 9.8 from 18.4. The new orders index slumped to 16.8 from 29.2; shipments fell to 20.4 from 37.8; and the unfilled orders index decreased to negative 1.0 from positive 14.1. The delivery times index declined to negative 3.7 from negative 1.1, and inventories slid to 5.2 from 10.0.
