The region's manufacturing sector expanded in December, as the general business conditions index surged to 21.5 from 7.6 in November, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 9.0 for the index.
The prices paid index was 29.4, up from 27.5 last month, new orders index fell to 13.9 from 18.6, shipments grew to 22.0 from 19.5, the unfilled orders index climbed to 5.7 from 4.1, the delivery times index improved to 7.6 from 6.1, inventories declined to 1.1 from 13.4, prices received fell to 5.8 from 16.0, the number of employees index reversed to positive 6.4 from negative 2.6, and the average employee workweek gained to 9.8 from 7.4.
The six months from now general business conditions index soared to 52.6 from 29.3 in last month's survey, the prices paid index was at 47.1, up from 36.7 in the prior survey, and the prices received index slid to 30.0 from 31.0. The capital expenditures index soared to 33.8 from 19.1 last month. The number of employees index surged to 27.5 from 11.8, while the average workweek index jumped to 18.4 from 8.1. The new orders index soared to 51.5 from 37.4, shipments increased to 51.9 from 30.2; and the unfilled orders index gained to 17.9 from 8.1. The delivery times index rose to 14.2 from 5.4, and inventories surged to 20.7 from 6.2.
