NEW YORK – The region's manufacturing sector weakened in August, as the general business conditions index slipped to negative 7.7 from positive 5.1 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 11.8, compared to 13.1 last month, new orders index fell to negative 7.1 from negative 4.3, shipments slumped to negative 4.5 from positive 4.0, the unfilled orders index narrowed to negative 7.1 from negative 8.6, the delivery times index widened to negative 11.0 from negative 8.1, inventories dipped to negative 11.6 from positive 4.5, prices received decreased to negative 12.5 from negative 8.4, the number of employees index fell to negative 2.7 from positive 4.0, and average employee workweek reversed to negative 17.1 from positive 1.7.
The six months from now general business conditions index slumped to 19.6 from 25.0 in last month’s survey, the prices paid index was at 30.2, up from 27.5 in the prior survey, and the prices received index was at 3.0, off from 10.1. The capital expenditures index rose to 8.6 from 8.6 last month. The number of employees index rose to 12.3 from 8.6, while the average workweek index dropped to negative 3.3 from positive 9.5. The new orders index jumped to 25.7 from 17.9; shipments held at 21.7; and the unfilled orders index reversed to positive 2.2 from negative 3.7. The delivery times index increased to positive 0.8 from negative 11.6, and inventories decreased to negative 16.9 from negative 13.8.
