The region's manufacturing sector contracted in November, as the general business conditions index slumped to negative 10.7 from positive 5.7 in October, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of positive 2.0 for the index.
The prices paid index was 27.9, compared to 19.0 last month, new orders index slipped to negative 4.6 from negative 0.6, shipments declined to negative 6.7 from negative 0.2, the unfilled orders index rose to negative 4.6 from negative 6.3, the delivery times index narrowed to negative 13.8 from negative 15.9, inventories slumped to negative 12.5 from positive 2.1, prices received rose to 6.3 from 5.4, the number of employees index gained to negative 6.8 from negative 10.7, and the average employee workweek crept to negative 6.2 from negative 7.6.
The six months from now general business conditions index dipped to 20.0 from 21.6 in last month's survey, the prices paid index was at 51.7, up from 49.1 in the prior survey, and the prices received index fell to 13.7 from 14.9. The capital expenditures index narrowed to negative 0.2 from negative 1.9 last month. The number of employees index slid to 4.2 from 8.0, while the average workweek index fell to 7.9 from 11.1. The new orders index climbed to 24.5 from 21.2; shipments rose to 27.2 from 20.6; and the unfilled orders index decreased to 3.8 from 10.7. The delivery times index dropped to negative 5.0 from negative 0.3, and inventories fell to negative 0.2 from positive 0.5.