The region's manufacturing sector expanded in June, but at a slower pace than in May, as the general business conditions index decreased to 27.6 from 38.8 in May, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
The prices paid index was 23.6, down from 24.2 last month, new orders index gained to 25.9 from 25.4, shipments fell to 28.5 from 39.1, the unfilled orders index increased to 14.0 from 9.0, the delivery times index rose to 13.9 from 6.4, inventories increased to 5.8 from 1.4, prices received grew to 20.6 from 15.3, the number of employees index fell to 16.1 from 17.3, and the average employee workweek decreased to 20.5 from 21.7.
The six months from now general business conditions index fell to 31.3 from 34.8 in last month’s survey, the prices paid index was at 31.9, down from 42.7 in the prior survey, and the prices received index rose to 28.7 from 22.9. The capital expenditures index dropped to 28.6 from 32.6 last month. The number of employees index increased to 30.0 from 29.2, while the average workweek index jumped to 8.4 from 0.3. The new orders index fell to 31.9 from 47.2, shipments inched up to 38.7 from 38.5; and the unfilled orders index slipped to 3.4 from 11.5. The delivery times index fell to 0.2 from 7.8, and inventories soared to 20.4 from 7.4.