NEW YORK – The region's manufacturing sector continued to expand, at a quicker pace in March, as the general business conditions index jumped to 43.4 from 35.9 in February, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 30.0 for the index.
The prices paid index was 63.8, compared to 67.2 last month, new orders index surged to 40.3 from 23.7, shipments slid to 34.9 from 35.2, the unfilled orders index remained 14.9, the delivery times index slid to 8.5 from 10.0, inventories surged to 12.0 from 2.1, prices received increased to 22.6 from 21.0, the number of employees index fell to 18.2 from 23.6, and average employee workweek climbed to 13.2 from 12.8.
The six months from now general business conditions index soared to 63.0 from 46.8 in last month’s survey, the prices paid index was at 67.2, off from 73.1 in the prior survey, and the prices received index dipped to 38.1 from 40.1. The capital expenditures index jumped to 34.5 from 16.2 last month. The number of employees index gained to 30.7 from 24.4, while the average workweek index increased to 17.0 from 13.9. The new orders index climbed to 60.1 from 42.1; shipments rose to 59.3 from 51.2; and the unfilled orders index decreased to 18.5 from 22.2. The delivery times index increased to 10.4 from 4.7, and inventories rose to 14.0 from 9.4.
