Philadelphia Fed Index Negative 16.6 in June vs. Negative 5.8 in May

NEW YORK – The region's manufacturing sector contracted in June, as the general business conditions index slipped to negative 16.6 from negative 5.8  in May, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.

Economists surveyed by Thomson Reuters predicted a reading of 1.0 for the index.

The prices paid index was negative 2.8, compared to positive 5.0 last month, new orders index slumped to negative 18.8 from negative 1.2, shipments dropped to negative 16.6 from positive 3.5, the unfilled orders index declined to negative 16.3 from negative 9.4, the delivery times index dipped to negative 15.5 from negative 14.0, inventories slipped to negative 8.7 from positive 4.5, prices received fell to negative 6.9 from negative 4.5, the number of employees index reversed to positive 1.8 from negative 1.3, and the average employee workweek slumped to negative 19.1 from negative 5.4.

The six months from now general business conditions index climbed to 19.5 from 15.0 in last month’s survey, the prices paid index was at 20.1, down from 37.8 in the prior survey, and the prices received index rose to 13.5 from 7.7. The capital expenditures index surged to 19.4 from 5.3 last month. The number of employees index grew to 18.7 from 10.6, while the average workweek index improved to negative 0.8 from negative 1.1. The new orders index jumped to 38.2 from 26.3; shipments gained to 38.0 from 20.8; and the unfilled orders index decreased to 2.5 from 5.9. The delivery times index slipped to negative 7.3 from negative 4.3, and inventories fell to negative 12.0 from negative 10.8.

For reprint and licensing requests for this article, click here.
MORE FROM BOND BUYER