NEW YORK – The region's manufacturing sector was nearly flat in October, as the general business conditions index climbed to positive 1.0 from negative 0.7 in September, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 2.0 for the index.
The prices paid index was 31.5, compared to 9.8 last month, new orders index grew to negative 5.0 from negative 8.1, shipments bounced to positive 1.4 from negative 7.1, the unfilled orders index widened to negative 8.9 from negative 8.5, the delivery times index narrowed to negative 0.3 from negative 4.1, inventories dipped to negative 18.6 from negative 16.7, prices received increased to negative 9.0 from negative 13.9, the number of employees index rose to 2.4 from 1.8, and average employee workweek climbed to negative 6.0 from negative 21.6.
The six months from now general business conditions index jumped to 41.0 from 26.3 in last month’s survey, the prices paid index was at 46.7, up from 21.6 in the prior survey, and the prices received index was at 15.0, up from 9.5. The capital expenditures index rose to 21.4 from 11.6 last month. The number of employees index rose to 21.0 from 10.2, while the average workweek index increased to 25.7 from 3.4. The new orders index jumped to 43.0 from 20.7; shipments rose to 32.3 from 19.8; and the unfilled orders index reversed to positive 11.4 from negative 2.9. The delivery times index increased to positive 2.2 from negative 12.0, and inventories improved to positive 3.7 from negative 11.6.
