The region's manufacturing sector grew in November, as the general business conditions index climbed to positive 1.9 from negative 4.5 in October, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of negative 0.5 for the index.
The prices paid index was negative 4.9, down from negative 0.1 last month, new orders index narrowed to negative 3.7 from negative 10.6, shipments increased to negative 2.5 from negative 6.1, the unfilled orders index gained to positive 2.4 from negative 11.7, the delivery times index reversed to positive 0.5 from negative 1.2, inventories rose to negative 7.9 from negative 17.4, prices received dropped to negative 0.4 from positive 1.3, the number of employees index grew to positive 2.6 from negative 1.7, and the average employee workweek declined to negative 16.2 from negative 7.3.
The six months from now general business conditions index gained to 43.4 from 36.7 in last month's survey, the prices paid index was at 20.7, up from 17.0 in the prior survey, and the prices received index remained at 10.6. The capital expenditures index surged to 25.9 from 7.2 last month. The number of employees index soared to 28.2 from 14.0, while the average workweek index increased to 16.6 from 0.5. The new orders index rose to 48.8 from 38.9, shipments grew to 43.9 from 37.1; and the unfilled orders index jumped to 15.5 from 8.1. The delivery times index increased to positive 1.6 from negative 4.2, and inventories rose to positive 1.2 from negative 5.1.
