The region's manufacturing sector expanded in March, as the general business conditions index climbed to positive 12.4 from negative 2.8 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of negative 1.5 for the index.
The prices paid index was negative 0.9, up from negative 2.2 last month, new orders index gained to positive 15.7 from negative 5.3, shipments increased to 22.1 from 2.5, the unfilled orders index narrowed to negative 1.9 from negative 12.7, the delivery times index grew to positive 0.3 from negative 16.1, inventories improved to negative 12.7 from negative 17.1, prices received reversed to positive 3.5 from negative 4.5, the number of employees index climbed to negative 1.1 from negative 5.0, and the average employee workweek soared to positive 5.7 from negative 12.9.
The six months from now general business conditions index rose to 28.8 from 17.3 in last month’s survey, the prices paid index was at 24.7, up from 11.9 in the prior survey, and the prices received index surged to 15.1 from 2.1. The capital expenditures index gained to 13.3 from 2.5 last month. The number of employees index increased to 6.3 from 2.3, while the average workweek index rose to positive 9.2 from negative 12.5. The new orders index soared to 38.8 from 19.8, shipments grew to 34.2 from 20.2; and the unfilled orders index rebounded to positive 12.4 from negative 2.6. The delivery times index narrowed to negative 3.7 from negative 10.3, and inventories widened to negative 14.0 from negative 8.9.
