The region's manufacturing sector slowed in September, as the general business conditions index slumped to negative 6.0 from positive 8.3 in August, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 6.0 for the index.
The prices paid index was 0.5, down from 6.2 last month, new orders index grew to 9.4 from 5.8, shipments decreased to 14.8 from 16.7, the unfilled orders index widened to negative 6.6 from negative 1.0, the delivery times index reversed to positive 0.5 from negative 0.4, inventories fell to negative 2.7 from positive 0.2, prices received dropped to negative 5.0 from negative 4.9, the number of employees index rose to 10.2 from 5.3, and the average employee workweek decreased to 7.0 from 8.5.
The six months from now general business conditions index grew to 44.0 from 43.1 in last month’s survey, the prices paid index was at 29.2, down from 38.4 in the prior survey, and the prices received index fell to 6.2 from 8.7. The capital expenditures index increased to 27.2 from 18.4 last month. The number of employees index slipped to 17.9 from 21.5, while the average workweek index increased to 5.0 from 1.2. The new orders index decreased to 44.4 from 46.4, shipments climbed to 41.4 from 37.6; and the unfilled orders index fell to 12.4 from 26.2. The delivery times index rose to 2.2 from 1.0, and inventories fell to 3.9 from 12.4.
