The region's manufacturing sector expanded in August, as the general business conditions index reversed to positive 2.0 from negative 2.9 in July, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 2.0 for the index.
The prices paid index was 19.7, up from 9.9 last month, new orders index fell to negative 7.2 from positive 11.8, shipments increased to 8.4 from 6.3, the unfilled orders index dropped to negative 15.0 from positive 1.9, the delivery times index fell to negative 3.8 from positive 1.3, inventories widened to negative 9.2 from negative 4.3, prices received grew to 7.1 from 0.3, the number of employees index declined to negative 20.0 from negative 1.6, and the average employee workweek slid to negative 11.5 from negative 3.6.
The six months from now general business conditions index rose to 45.8 from 33.7 in last month's survey, the prices paid index was at 29.1, up from 26.4 in the prior survey, and the prices received index fell to 13.9 from 24.1. The capital expenditures index increased to 19.2 from 15.1 last month. The number of employees index climbed to 12.9 from 12.8, while the average workweek index soared to 19.9 from 8.4. The new orders index surged to 44.9 from 29.2, shipments jumped to 51.0 from 27.2; and the unfilled orders index declined to 3.2 from 12.1. The delivery times index slipped to negative 2.2 from positive 0.5, and inventories reversed to negative 7.3 from positive 0.3.
