NEW YORK – The region's manufacturing sector continued to improve but at a slower pace, as the general business conditions index slumped to 8.0 in June from 21.4 in May, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 22.0 for the index.
The prices paid index was 10.0, compared to 35.5 last month, new orders index rose to 9.0 from 6.1, shipments slumped to 14.2 from 15.8, the unfilled orders index climbed to negative 0.1 from negative 3.0, the delivery times index reversed to positive 6.8 from negative 1.2, inventories gained to positive 4.6 from negative 7.9, prices received decreased to negative 6.5 from positive 3.5, the number of employees index slid to negative 1.5 from positive 3.2, and average employee workweek dropped to negative 1.5 from positive 7.0.
The six months from now general business conditions index climbed to 40.2 from 37.0 in last month’s survey, the prices paid index was at 28.3, down from 31.3 in the prior survey, and the prices received index was at 17.0, up from 15.8. The capital expenditures index fell to 3.0 from 7.7 last month. The number of employees index fell to 19.5 from 30.1, while the average workweek index surged to 25.2 from 14.6. The new orders index slipped to 39.7 from 48.4; shipments fell to 34.2 from 40.5; and the unfilled orders index rose to 9.2 from 4.0. The delivery times index slid to negative 8.3 from negative 2.7, and inventories increased to negative 1.8 from negative 2.0.
