The region's manufacturing sector expanded in October, at a faster pace than in September, as the general business conditions index increased to 27.9 from 23.8 in September, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by IFR Markets predicted a reading of 22.0 for the index.
The prices paid index was 38.1, up from 34.4 last month, new orders index fell to 19.6 from 29.5, shipments slid to 24.4 from 37.8, the unfilled orders index decreased to 10.9 from 17.0, the delivery times index gained to 21.6 from 14.5, inventories reversed to positive 6.0 from negative 1.4, prices received declined to 14.2 from 22.8, the number of employees index soared to 30.6 from 6.6, and the average employee workweek jumped to 19.4 from 11.9.
The six months from now general business conditions index fell to 46.4 from 55.2 in last month’s survey, the prices paid index was at 60.2, up from 46.2 in the prior survey, and the prices received index rose to 41.1 from 31.7. The capital expenditures index slid to 37.7 from 39.0 last month. The number of employees index increased to 38.7 from 30.1, while the average workweek index grew to 18.6 from 18.1. The new orders index dropped to 43.7 from 56.9, shipments fell to 45.3 from 55.8; and the unfilled orders index gained to 18.8 from 12.2. The delivery times index decreased to 2.4 from 4.6, and inventories decreased to 12.4 from 18.9.