Philadelphia Fed index shows expansion despite drop in activity
The region's manufacturing sector expanded in November, at a slower pace than in October, as the general business conditions index decreased to 22.7 from 27.9 in October, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by IFR Markets predicted a reading of 24.0 for the index.
The prices paid index was 39.0, up from 38.1 last month, new orders index grew to 21.4 from 19.6, shipments slid to 21.7 from 24.4, the unfilled orders index increased to 17.0 from 10.9, the delivery times index dropped to 14.6 from 21.6, inventories reversed to negative 8.6 from positive 6.0, prices received declined to 8.6 from 14.2, the number of employees index fell to 22.6 from 30.6, and the average employee workweek slumped to 13.7 from 19.4.
The six months from now general business conditions index rose to 50.1 from 46.4 in last month’s survey, the prices paid index was at 54.0, down from 60.2 in the prior survey, and the prices received index rose to 45.0 from 41.1. The capital expenditures index slid to 36.7 from 37.7 last month. The number of employees index increased to 41.2 from 38.7, while the average workweek index grew to 18.8 from 18.6. The new orders index climbed to 56.4 from 43.7, shipments gained to 47.8 from 45.3; and the unfilled orders index increased to 22.1 from 18.8. The delivery times index soared to 7.6 from 2.4, and inventories surged to 28.1 from 12.4.