The region's manufacturing sector expanded at a slower pace in February, as the general business conditions index dropped to 5.2 from 6.3 in January, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 10.0 for the index.
The prices paid index was 4.7, down from 9.8 last month, new orders index slid to 5.4 from 8.5, shipments rebounded to positive 8.1 from negative 6.9, the unfilled orders index reversed to positive 7.3 from negative 8.6, the delivery times index improved to negative 4.6 from negative 11.0, inventories soared to positive 15.2 from negative 0.7, prices received held at negative 0.2, the number of employees index jumped to positive 3.9 from negative 2.0, and the average employee workweek climbed to negative 6.0 from negative 6.7.
The six months from now general business conditions index plunged to 29.7 from 50.9 in last month's survey, the prices paid index was at 32.2, up from 26.0 in the prior survey, and the prices received index slid to 19.3 from 20.7. The capital expenditures index increased to 20.9 from 13.2 last month. The number of employees index gained to 26.8 from 24.0, while the average workweek index rose to 14.1 from 13.0. The new orders index dipped to 42.8 from 48.8; shipments declined to 38.2 from 40.8; and the unfilled orders index fell to 7.9 from 9.7. The delivery times index decreased to negative 0.2 from positive 8.1, and inventories declined to zero from 7.2.
