The region's manufacturing sector expanded at a slower pace in July, as the general business conditions index dropped to 5.7 from 15.2 in June, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 12.0 for the index.
The prices paid index was 20.2, up from 17.2 last month, new orders index fell to 7.1 from 15.2, shipments declined to 4.4 from 14.3, the unfilled orders index dropped to negative 6.3 from positive 3.7, the delivery times index crept to negative 4.5 from negative 4.6, inventories dropped to negative 5.7 from positive 3.1, prices received dropped to 1.7 from 4.8, the number of employees index fell to negative 0.4 from positive 3.8, and the average employee workweek decreased to 4.0 from 4.7.
The six months from now general business conditions index grew to 41.5 from 39.7 in last month's survey, the prices paid index was at 37.3, down from 46.3 in the prior survey, and the prices received index rose to 20.2 from 12.8. The capital expenditures index decreased to 7.7 from 8.1 last month. The number of employees index dipped to 22.2 from 22.3, while the average workweek index decreased to 12.7 from 26.1. The new orders index increased to 46.3 from 44.9; shipments dropped to 49.7 from 55.8; and the unfilled orders index rose to 33.6 from 23.4. The delivery times index dropped to 10.3 from 21.1, and inventories declined to negative 1.3 from positive 11.3.
