The Federal Reserve Bank of Philadelphia’s general business conditions index for December was revised to negative 36.1 from negative 10.4, the bank said yesterday.
Every January, the bank revises the index for the past year.
The revised December prices paid index was revised to negative 25.5 from negative 33.2, the new orders index went to negative 28.2 from negative 25.2, shipments dropped to negative 29.7 from negative 28.7, the unfilled orders index was revised up to negative 30.4 from negative 32.3, and the delivery times index was tweaked to negative 22.7 from negative 22.8. Inventories was changed to negative 33.7 from negative 31.1, prices received went to negative 32.8 from negative 37.8, the number of employees index nudged to negative 28.6 from negative 28.7, and average employee workweek widened to negative 31.6 from negative 31.4.
The six months from now general business conditions index for December was revised to negative 10.4 from the negative 14.5 first reported, prices paid was changed to negative 20.5 from negative 26.6, and the prices received index was revised to negative 14.8 from negative 20.2. The capital expenditures index was changed to negative 18.4 from negative 21.6.
The number of employees index was switched to negative 27.6 from negative 30.2, while the average workweek index was revised to negative 21.4 from negative 24.8. The new orders index was changed to negative 4.1 from negative 10.0; shipments to negative 1.0 from negative 3.1; and the unfilled orders index to negative 14.2 from negative 16.5. The delivery times index was revised to negative 19.3 from negative 21.9, and inventories to negative 46.0 from negative 46.6.