NEW YORK – The region's manufacturing sector was nearly flat in September, as the general business conditions index climbed to negative 0.7 from negative 7.7 in August, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 1.5 for the index.
The prices paid index was 9.8, compared to 11.8 last month, new orders index fell to negative 8.1 from negative 7.1, shipments slumped to negative 7.1 from negative 4.5, the unfilled orders index widened to negative 8.5 from negative 7.1, the delivery times index narrowed to negative 4.1 from negative 11.0, inventories dipped to negative 16.7 from negative 11.6, prices received decreased to negative 13.9 from negative 12.5, the number of employees index rose to positive 1.8 from negative 2.7, and average employee workweek slipped to negative 21.6 from negative 17.1.
The six months from now general business conditions index jumped to 26.3 from 19.6 in last month’s survey, the prices paid index was at 21.6, off from 30.2 in the prior survey, and the prices received index was at 9.5, up from 3.0. The capital expenditures index rose to 12.3 from 11.6 last month. The number of employees index rose to positive 10.2 from negative 1.7, while the average workweek index reversed to positive 3.4 from negative 3.3. The new orders index dropped to 20.7 from 25.7; shipments fell to 19.8 from 21.7; and the unfilled orders index reversed to negative 2.9 from positive 2.2. The delivery times index decreased to negative 12.0 from positive 0.8, and inventories improved to negative 11.6 from negative 16.9.
