The region's manufacturing sector contracted in January, as the general business conditions index climbed to negative 3.5 from negative 10.2 in December, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of negative 5.0 for the index.
The prices paid index was negative 1.1, up from negative 8.3 last month, new orders index narrowed to negative 1.4 from negative 11.1, shipments increased to positive 9.6 from negative 2.1, the unfilled orders index gained to negative 8.8 from negative 17.6, the delivery times index slipped to negative 7.6 from negative 6.1, inventories fell to negative 15.7 from negative 5.7, prices narrowed to negative 1.1 from negative 8.3, the number of employees index dropped to negative 1.9 from positive 2.2, and the average employee workweek declined to negative 2.2 from positive 0.6.
The six months from now general business conditions index slid to 19.1 from 24.1 in last month's survey, the prices paid index was at 18.8, off from 26.0 in the prior survey, and the prices received index declined to 10.1 from 15.0. The capital expenditures index dipped to 9.4 from 10.7 last month. The number of employees index slipped to 5.5 from 7.0, while the average workweek index increased to 2.1 from 0.2. The new orders index fell to 21.1 from 34.5, shipments dropped to 22.0 from 36.6; and the unfilled orders index slumped to 0.5 from 7.4. The delivery times index widened to negative 6.5 from negative 2.3, and inventories reversed to positive 1.5 from negative 1.7.
