The region's manufacturing sector contracted in July, as the general business conditions index slipped to negative 2.9 from positive 4.7 in June, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 5.0 for the index.
The prices paid index was 9.9, down from 23.0 last month, new orders index rose to positive 11.8 from negative 3.0, shipments increased to positive 6.3 from negative 2.1, the unfilled orders index gained to positive 1.9 from negative 12.6, the delivery times index grew to positive 1.3 from negative 8.3, inventories improved to negative 4.3 from negative 9.9, prices received slid to 0.3 from 3.9, the number of employees index narrowed to negative 1.6 from negative 10.9, and the average employee workweek improved to negative 3.6 from negative 13.1.
The six months from now general business conditions index rose to 33.7 from 29.8 in last month's survey, the prices paid index was at 26.4, off from 37.8 in the prior survey, and the prices received index gained to 24.1 from 16.5. The capital expenditures index increased to 15.1 from 7.1 last month. The number of employees index gained to 12.8 from 11.2, while the average workweek index fell to 8.4 from 11.0. The new orders index dipped to 29.2 from 29.9, shipments declined to 27.2 from 32.2; and the unfilled orders index rose to positive 12.1 from negative 0.6. The delivery times index slipped to 0.5 from 2.4, and inventories reversed to positive 0.3 from negative 3.1.
