The region's manufacturing sector expanded at a slower pace in March, as the general business conditions index slipped to 5.0 from 5.2 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 7.4 for the index.
The prices paid index was negative 3.0, down from positive 4.7 last month, new orders index slid to 3.9 from 5.4, shipments reversed to negative 7.8 from positive 8.1, the unfilled orders index plunged to negative 13.8 from positive 7.3, the delivery times index widened to negative 13.4 from negative 4.6, inventories slumped to negative 2.3 from positive 15.2, prices received slid to negative 6.4 from negative 0.2, the number of employees index dipped to 3.5 from 3.9, and the average employee workweek declined to negative 11.4 from negative 6.0.
The six months from now general business conditions index climbed to 32.0 from 29.7 in last month's survey, the prices paid index was at 27.5, off from 32.2 in the prior survey, and the prices received index slid to 7.4 from 19.3. The capital expenditures index decreased to 16.4 from 20.9 last month. The number of employees index fell to 14.4 from 26.8, while the average workweek index dropped to negative 4.2 from positive 14.1. The new orders index decreased to 34.3 from 42.8; shipments declined to 32.3 from 38.2; and the unfilled orders index rose to 8.7 from 7.9. The delivery times index reversed to positive 1.9 from negative 0.2, and inventories declined to negative 0.6 from zero.
