The region's manufacturing sector expanded at a faster pace in April, as the general business conditions index climbed to 7.5 from 5.0 in March, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 6.3 for the index.
The prices paid index was negative 7.5, down from negative 3.0 last month, new orders index slid to 0.7 from 3.9, shipments improved to negative 1.8 from negative 7.8, the unfilled orders index narrowed to negative 7.1 from negative 13.8, the delivery times index gained to positive 0.5 from negative 13.4, inventories reversed to positive 1.5 from negative 2.3, prices received climbed to negative 4.1 from negative 6.4, the number of employees index rose to 11.5 from 3.5, and the average employee workweek increased to positive 3.4 from negative 11.4.
The six months from now general business conditions index climbed to 35.5 from 32.0 in last month's survey, the prices paid index was at 19.9, off from 27.5 in the prior survey, and the prices received index rose to 10.7 from 7.4. The capital expenditures index decreased to 15.8 from 16.4 last month. The number of employees index grew to 20.6 from 14.4, while the average workweek index reversed to positive 2.4 from negative 4.2. The new orders index decreased to 30.8 from 34.3; shipments gained to 34.0 from 32.3; and the unfilled orders index rose to 16.6 from 8.7. The delivery times index reversed to negative 0.2 from positive 1.9, and inventories declined to negative 5.4 from negative 0.6.
