The region's manufacturing sector expanded at a slower pace in January, as the general business conditions index dropped to 6.3 from 24.3 in December, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 20.0 for the index.
The prices paid index was 9.8, down from 14.4 last month, new orders index slid to 8.5 from 13.6, shipments plunged to negative 6.9 from positive 15.1, the unfilled orders index dropped to negative 8.6 from positive 2.7, the delivery times index decreased to negative 11.0 from negative 0.2, inventories slid to negative 0.7 from positive 7.3, prices received fell to negative 0.2 from positive 9.8, the number of employees index slumped to negative 2.0 from positive 8.4, and the average employee workweek reversed to negative 6.7 from positive 4.1.
The six months from now general business conditions index grew to 50.9 from 50.4 in last month's survey, the prices paid index was at 26.0, up from 22.3 in the prior survey, and the prices received index crept to 20.7 from 20.6. The capital expenditures index decreased to 13.2 from 24.8 last month. The number of employees index gained to positive 24.0 from negative 2.0, while the average workweek index surged to positive 13.0 from negative 16.4. The new orders index held at 48.8; shipments declined to 40.8 from 47.5; and the unfilled orders index fell to 9.7 from 17.4. The delivery times index increased to 8.1 from 3.7, and inventories decreased to 7.2 from 11.8.
