NEW YORK – The region's manufacturing sector continued to improve but at a slower pace, as the general business conditions index slipped to 5.1 in July from 8.0 in June, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 10.0 for the index.
The prices paid index was 13.1, compared to 10.0 last month, new orders index fell to negative 4.3 from positive 9.0, shipments slumped to 4.0 from 14.2, the unfilled orders index widened to negative 8.6 from negative 0.1, the delivery times index reversed to negative 8.1 from positive 6.8, inventories dipped to 4.5 from 4.6, prices received decreased to negative 8.4 from negative 6.5, the number of employees index grew to positive 4.0 from negative 1.5, and average employee workweek reversed to positive 1.7 from negative 1.5.
The six months from now general business conditions index slumped to 25.0 from 40.2 in last month’s survey, the prices paid index was at 27.5, down from 28.3 in the prior survey, and the prices received index was at 10.1, off from 17.0. The capital expenditures index rose to 8.6 from 3.0 last month. The number of employees index fell to 12.6 from 19.5, while the average workweek index dropped to 9.5 from 25.2. The new orders index slumped to 17.9 from 39.7; shipments fell to 21.7 from 34.2; and the unfilled orders index declined to negative 3.7 from positive 9.2. The delivery times index slid to negative 11.6 from negative 8.3, and inventories decreased to negative 13.8 from positive 1.8.
