The region's manufacturing sector expanded at a faster pace in January, as the general business conditions index climbed to 9.4 from 6.4 in December, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 8.7 for the index.
The prices paid index was 18.7, up from 16.4 last month, new orders index dropped to 5.1 from 12.9, shipments rose to 12.1 from 11.9, the unfilled orders index narrowed to negative 1.0 from negative 6.6, the delivery times index gained to negative 2.8 from negative 8.0, inventories plunged to negative 19.6 from positive 16.0, prices received decreased to 5.1 from 10.8, the number of employees index grew to 10.0 from 4.4, and the average employee workweek reversed to negative 5.3 from positive 4.8.
The six months from now general business conditions index slid to 34.4 from 44.8 in last month's survey, the prices paid index was at 35.3, off from 39.1 in the prior survey, and the prices received index fell to 11.8 from 34.8. The capital expenditures index rose to 15.1 from 12.8 last month. The number of employees index dipped to 17.5 from 18.2, while the average workweek index slumped to 5.5 from 9.5. The new orders index dropped to 38.4 from 45.7; shipments fell to 33.2 from 42.0; and the unfilled orders index declined to 11.3 from 11.9. The delivery times index decreased to negative 10.6 from positive 2.2, and inventories dropped to negative 0.2 from positive 0.6.
