The region's manufacturing sector expanded in September as the general business conditions index increased to 23.8 from 18.9 in August, according to the Federal Reserve Bank of Philadelphia’s Report on Business.
Economists surveyed by IFR Markets had predicted the index would drop to 17.2 this month.
The prices paid index rose to 34.4 in September from 21.1 in August, the new orders index increased to 29.5 from 20.4, the shipments index jumped to 37.8 from 29.4, the unfilled orders index increased to 17.0 from 14.5, the delivery times index gained to 14.5 from 10.5, the inventories index improved to negative 1.4 from negative 6.17, the prices received index climbed to 22.8 from 13.5, the number of employees index fell to 6.6 from 10.1, and the average employee workweek declined to 11.9 from 18.8.
The six months from now general business conditions index rose to 55.2 in September’s report from 42.3 in August. The prices paid index rose to 46.2 from 34.8 while the prices received index declined to 31.7 from 40.4. The capital expenditures index slipped to 39.0 from 39.2. The number of employees index decreased to 30.1 from 33.1, while the average workweek index increased to 18.1 from 15.3. The new orders index jumped to 56.9 from 49.1, the shipments index rose 55.8 from to 44.1 and the unfilled orders index dropped to 12.2 from 16.9. The delivery times index declined to 4.6 from 6.8 and the inventories index dropped to 18.9 from 26.2.