The region's manufacturing sector expanded at a faster pace in June, as the general business conditions index climbed to 17.8 from 15.4 in May, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 14.0 for the index.
The prices paid index was 35.0, up from 23.0 last month, new orders index grew to 16.8 from 10.5, shipments rose to 15.5 from 14.2, the unfilled orders index reversed to positive 11.5 from negative 2.5, the delivery times index improved to positive 6.0 from negative 4.2, inventories widened to negative 6.7 from negative 0.5, prices received dipped to 14.1 from 17.0, the number of employees index grew to 11.9 from 7.8, and the average employee workweek rose to 7.3 from 2.9.
The six months from now general business conditions index rose to 52.0 from 37.4 in last month's survey, the prices paid index was at 44.5, up from 36.1 in the prior survey, and the prices received index grew to 30.0 from 29.5. The capital expenditures index increased to 31.0 from 24.4 last month. The number of employees index climbed to 31.4 from 24.1, while the average workweek index gained to 16.7 from 8.9. The new orders index rose to 57.8 from 36.5; shipments jumped to 48.0 from 38.7; and the unfilled orders index soared to 24.7 from 17.0. The delivery times index decreased to negative 3.5 from positive 3.1, and inventories increased to 30.5 from 15.7.
