The region's manufacturing sector expanded in September, as the general business conditions index soared to 12.8 from 2.0 in August, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 1.7 for the index.
The prices paid index was 20.6, up from 19.7 last month, new orders index rose to positive 1.4 from negative 7.2, shipments reversed to negative 8.8 from positive 8.4, the unfilled orders index narrowed to negative 10.8 from negative 15.0, the delivery times index fell to negative 9.3 from negative 3.8, inventories dropped to negative 26.2 from negative 9.2, prices received grew to 9.7 from 7.1, the number of employees index narrowed to negative 5.3 from negative 20.0, and the average employee workweek drifted to negative 11.7 from negative 11.5.
The six months from now general business conditions index slid to 37.5 from 45.8 in last month's survey, the prices paid index was at 42.1, up from 29.1 in the prior survey, and the prices received index soared to 33.4 from 13.9. The capital expenditures index decreased to 8.6 from 19.2 last month. The number of employees index climbed to 24.9 from 12.9, while the average workweek index slipped to 9.8 from 19.9. The new orders index fell to 36.7 from 44.9, shipments slumped to 30.5 from 51.0; and the unfilled orders index increased to 9.7 from 3.2. The delivery times index rose to positive 8.5 from negative 2.2, and inventories reversed to positive 6.3 from negative 7.3.
