The region's manufacturing sector expanded in July, but at a slower pace than in June, as the general business conditions index decreased to 19.5 from 27.6 in June, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by IFR Markets predicted a reading of 23.9 for the index.
The prices paid index was 19.1, down from 23.6 last month, new orders index plunged to 2.1 from 25.9, shipments fell to 12.2 from 28.5, the unfilled orders index decreased to 7.2 from 14.0, the delivery times index dropped to 7.4 from 13.9, inventories fell to 0.7 from 5.8, prices received slid to 9.0 from 20.6, the number of employees index fell to 10.9 from 16.1, and the average employee workweek decreased to 3.8 from 20.5.
The six months from now general business conditions index rose to 36.9 from 31.3 in last month’s survey, the prices paid index was at 46.6, up from 40.9 in the prior survey, and the prices received index rose to 29.7 from 28.7. The capital expenditures index soared to 42.0 from 28.6 last month. The number of employees index decreased to 27.0 from 30.0, while the average workweek index fell to 4.3 from 8.4. The new orders index grew to 39.4 from 31.9, shipments dropped to 25.9 from 38.7; and the unfilled orders index rose to 11.4 from 3.4. The delivery times index grew to 1.6 from 0.2, and inventories climbed to 25.8 from 20.4.