The region's manufacturing sector expanded in February, as the general business conditions index soared to 43.3 from 23.6 in January, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 18.0 for the index.
The prices paid index was 29.9, down from 32.5 last month, new orders index climbed to 38.0 from 26.0, shipments rose to 28.6 from 20.5, the unfilled orders index remained at 10.7, the delivery times index slipped to 4.1 from 5.4, inventories decreased to negative 4.7 from positive 12.2, prices received sank to 10.6 from 26.8, the number of employees index fell to 11.1 from 12.8, and the average employee workweek rose to 13.6 from 6.8.
The six months from now general business conditions index slid to 53.5 from 56.6 in last month's survey, the prices paid index was at 51.1, up from 49.0 in the prior survey, and the prices received index dipped to 23.5 from 27.5. The capital expenditures index gained to 22.1 from 21.9 last month. The number of employees index fell to 28.5 from 38.6, while the average workweek index dropped to 19.9 from 22.5. The new orders index declined to 51.5 from 54.5, shipments decreased to 51.7 from 59.1; and the unfilled orders index fell to 19.5 from 25.8. The delivery times index slid to 11.5 from 14.2, and inventories grew to 14.1 from 10.9.
