The region's manufacturing sector expanded at a faster pace in August, as the general business conditions index climbed to 8.3 from 5.7 in July, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 7.0 for the index.
The prices paid index was 6.2, down from 20.2 last month, new orders index fell to 5.8 from 7.1, shipments increased to 16.7 from 4.4, the unfilled orders index narrowed to negative 1.0 from negative 6.3, the delivery times index crept to negative 0.4 from negative 4.5, inventories climbed to positive 0.2 from negative 5.7, prices received dropped to negative 4.9 from positive 1.7, the number of employees index rose to positive 5.3 from negative 0.4, and the average employee workweek increased to 8.5 from 4.0.
The six months from now general business conditions index grew to 43.1 from 41.5 in last month's survey, the prices paid index was at 38.4, up from 37.3 in the prior survey, and the prices received index fell to 8.7 from 20.2. The capital expenditures index increased to 18.4 from 7.7 last month. The number of employees index dipped to 21.5 from 22.2, while the average workweek index decreased to 1.2 from 12.7. The new orders index increased to 46.4 from 46.3, shipments dropped to 37.6 from 49.7; and the unfilled orders index fell to 26.2 from 33.6. The delivery times index dropped to 1.0 from 10.3, and inventories reversed to positive 12.4 from negative 1.3.
