The region’s manufacturing sector showed improvement in November, as the general business conditions index surged to 22.5 from 1.0 in October, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists predicted a reading of 5.0 for the index.
The prices paid index was 34.0, compared with 31.5 last month; new orders rebounded to 10.4 from negative 5.0; shipments soared to 16.8 from 1.4; and prices received improved to negative 2.1 from negative 9.0. The six months from now general business conditions index jumped to 49.0 in November from 41.0 in October. The capital expenditures index slid to 20.2 from 21.4 last month.