The region's manufacturing sector expanded at a slower pace in May, as the general business conditions index slipped to 15.4 from 16.6 in April, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 14.0 for the index.
The prices paid index was 23.0, up from 11.3 last month, new orders index slid to 10.5 from 14.8, shipments fell to 14.2 from 22.7, the unfilled orders index reversed to negative 2.5 from positive 2.0, the delivery times index improved to negative 4.2 from negative 14.3, inventories narrowed to negative 0.5 from negative 1.5, prices received surged to 17.0 from 4.3, the number of employees index grew to 7.8 from 6.9, and the average employee workweek fell to 2.9 from 5.0.
The six months from now general business conditions index rose to 37.4 from 26.6 in last month's survey, the prices paid index was at 36.1, up from 35.1 in the prior survey, and the prices received index grew to 29.5 from 13.0. The capital expenditures index declined to 24.4 from 26.0 last month. The number of employees index climbed to 24.1 from 15.9, while the average workweek index gained to positive 8.9 from negative 0.5. The new orders index rose to 36.5 from 29.7; shipments added to 38.7 from 32.8; and the unfilled orders index soared to 17.0 from 1.5. The delivery times index decreased to 3.1 from 5.7, and inventories increased to 15.7 from 4.8.
