The region's manufacturing sector contracted again in February, as the general business conditions index climbed to negative 2.8 from negative 3.5 in January, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of negative 2.8 for the index.
The prices paid index was negative 2.2, off from negative 1.1 last month, new orders index widened to negative 5.3 from negative 1.4, shipments decreased to 2.5 from 9.6, the unfilled orders index slid to negative 12.7 from negative 8.8, the delivery times index fell to negative 16.1 from negative 7.6, inventories declined to negative 17.1 from negative 15.7, prices received decreased to negative 4.5 from negative 2.8, the number of employees index dropped to negative 5.0 from negative 1.9, and the average employee workweek declined to negative 12.9 from negative 2.2.
The six months from now general business conditions index slid to 17.3 from 19.1 in last month's survey, the prices paid index was at 11.9, off from 18.8 in the prior survey, and the prices received index declined to 2.1 from 10.1. The capital expenditures index dropped to 2.5 from 9.4 last month. The number of employees index slipped to 2.3 from 5.5, while the average workweek index fell to negative 12.5 from positive 2.1. The new orders index slid to 19.8 from 21.1, shipments dropped to 20.2 from 22.0; and the unfilled orders index slumped to negative 2.6 from positive 0.5. The delivery times index widened to negative 10.3 from negative 6.5, and inventories reversed to negative 8.9 from positive 1.5.
