The region's manufacturing sector expanded at a slower pace in August, as the general business conditions index slipped to 9.3 from 19.8 in July, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 15.5 for the index.
The prices paid index was 17.3, off from 21.5 last month, new orders index slid to 5.3 from 10.2, shipments fell to negative 0.9 from positive 14.3, the unfilled orders index widened to negative 2.9 from negative 1.8, the delivery times index dropped to negative 9.0 from positive 0.5, inventories improved to negative 11.3 from negative 21.6, prices received increased to 9.9 from 7.0, the number of employees index slipped to 3.5 from 7.7, and the average employee workweek sank to negative 2.6 from positive 6.6.
The six months from now general business conditions index fell to 38.9 from 44.9 in last month's survey, the prices paid index was at 38.7, down from 42.1 in the prior survey, and the prices received index dipped to 23.0 from 23.9. The capital expenditures index slipped to 20.8 from 27.7 last month. The number of employees index dropped to 22.3 from 36.2, while the average workweek index climbed to 15.0 from 14.6. The new orders index slumped to 39.5 from 58.8; shipments fell to 40.1 from 51.2; and the unfilled orders index decreased to 12.3 from 25.8. The delivery times index slid to 2.9 from 12.9, and inventories dropped to 3.3 from 22.0.
