The region's manufacturing sector expanded at a faster pace in March, as the general business conditions index climbed to positive 9.0 from negative 6.3 in February, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 3.8 for the index.
The prices paid index was 13.9, off from 14.2 last month, new orders index climbed to positive 5.7 from negative 5.2, shipments rose to positive 5.7 from negative 9.9, the unfilled orders index reversed to positive 2.6 from negative 2.6, the delivery times index slumped to negative 2.7 from positive 2.9, inventories plunged to negative 6.8 from positive 3.6, prices received decreased to 4.3 from 7.6, the number of employees index fell to 1.7 from 4.8, and the average employee workweek gained to positive 3.1 from negative 7.0.
The six months from now general business conditions index slid to 35.4 from 40.2 in last month's survey, the prices paid index was at 29.4, up from 18.2 in the prior survey, and the prices received index fell to 15.9 from 16.3. The capital expenditures index rose to 31.3 from 19.9 last month. The number of employees index jumped to 29.1 from 16.5, while the average workweek index slumped to negative 0.3 from positive 1.1. The new orders index dipped to 32.2 from 35.4; shipments rose to 41.1 from 36.0; and the unfilled orders index declined to negative 1.3 from positive 6.7. The delivery times index increased to positive 5.4 from negative 0.3, and inventories climbed to 12.2 from 4.6.
