The region's manufacturing sector slowed in October, as the general business conditions index narrowed to negative 4.5 from negative 6.0 in September, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of negative 1.0 for the index.
The prices paid index was negative 0.1, down from positive 0.5 last month, new orders index slumped to negative 10.6 from positive 9.4, shipments decreased to negative 6.1 from positive 14.8, the unfilled orders index widened to negative 11.7 from negative 6.6, the delivery times index reversed to negative 1.2 from positive 0.5, inventories fell to negative 17.4 from negative 2.7, prices received gained to positive 1.3 from negative 5.0, the number of employees index fell to negative 1.7 from positive 10.2, and the average employee workweek reversed to negative 7.3 from positive 7.0.
The six months from now general business conditions index slid to 36.7 from 44.0 in last month’s survey, the prices paid index was at 17.0, down from 29.2 in the prior survey, and the prices received index rose to 10.6 from 6.2. The capital expenditures index decreased to 7.2 from 27.2 last month. The number of employees index slipped to 4.0 from 17.9, while the average workweek index decreased to 0.5 from 5.0. The new orders index declined to 38.9 from 44.4, shipments fell to 37.1 from 41.4; and the unfilled orders index dropped to 8.1 from 12.4. The delivery times index decreased to negative 4.2 from positive 2.2, and inventories fell to negative 5.1 from positive 3.9.
