Manufacturers report continued growth in February, as demand, reflected in new orders, rose, and more firms added to their payrolls, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
The region's manufacturing sector expanded in February, at a faster pace than in January, as the general business conditions index increased to 25.8 from 22.2.
Economists surveyed by IFR Markets predicted a reading of 22.0 for the index.
The prices paid index was 45.0, up from 32.9 last month, new orders index surged to 24.5 from 10.1, shipments dropped to 15.5 from 30.3, the unfilled orders index reversed to positive 14.5 from negative 1.8, the delivery times index dropped to 4.5 from 6.1, inventories reversed to negative 0.9 from positive 9.4, prices received slid to 23.9 from 25.1, the number of employees index grew to 25.2 from 16.8, and the average employee workweek dropped to 13.7 from 16.7.
The six months from now general business conditions index declined to 41.2 from 42.2 in last month’s survey, the prices paid index was at 65.2, up from 54.2 in the prior survey, and the prices received index rose to 49.5 from 44.1. The capital expenditures index grew to 40.3 from 36.2 last month. The number of employees index gained to 40.4 from 34.9, while the average workweek index increased to 14.7 from 10.6. The new orders index gained to 49.1 from 46.2, shipments climbed to 51.7 from 49.9; and the unfilled orders index soared to 18.8 from 8.2. The delivery times index rose to 16.6 from 3.8, and inventories jumped to 27.5 from 12.8.