NEW YORK – The region's manufacturing sector contracted in June, as the general business conditions index slumped to negative 7.7 from positive 3.9 in May, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of positive 7.0 for the index.
The prices paid index was 26.8, compared to 48.3 last month, new orders index plunged to negative 7.6 from positive 5.4, shipments slid to 4.0 from 6.5, the unfilled orders index slipped to negative 16.3 from negative 7.8, the delivery times index fell to negative 20.5 from negative 2.3, inventories dropped to negative 8.5 from negative 5.4, prices received decreased to 4.4 from 16.8, the number of employees index fell to 4.1 from 22.1, and average employee workweek jumped to 11.9 from 3.9.
The six months from now general business conditions index plunged to 2.5 from 16.6 in last month’s survey, the prices paid index was at 27.5, off from 52.4 in the prior survey, and the prices received index dropped to 2.5 from 27.3. The capital expenditures index fell to 12.9 from 23.1 last month. The number of employees index fell to 5.5 from 22.3, while the average workweek index decreased to negative 1.6 from positive 9.8. The new orders index slumped to 7.9 from 16.8; shipments fell to 6.6 from 20.4; and the unfilled orders index decreased to negative 9.6 from negative 1.0. The delivery times index declined to negative 11.4 from negative 3.7, and inventories slid to negative 16.8 from positive 5.2.
