The region's manufacturing sector expanded at a faster pace in November, as the general business conditions index soared to its highest reading since December 1993, 40.8 from 20.7 in October, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of 18.5 for the index.
The prices paid index was 17.3, down from 27.6 last month, new orders index rose to 35.7 from 17.3, shipments grew to 31.9 from 16.6, the unfilled orders index slipped to 7.1 from 11.6, the delivery times index increased to 5.8 from 0.6, inventories slid to 10.0 from 14.8, prices received fell to 11.5 from 20.8, the number of employees index surged to 22.4 from 12.1, and the average employee workweek reversed to positive 7.8 from negative 1.3.
The six months from now general business conditions index grew to 57.7 from 54.5 in last month's survey, the prices paid index was at 35.5, up from 32.9 in the prior survey, and the prices received index dipped to 20.4 from 22.5. The capital expenditures index increased to 23.0 from 18.9 last month. The number of employees index gained to 31.5 from 28.0, while the average workweek index dropped to 10.6 from 16.2. The new orders index slid to 48.8 from 51.4; shipments declined to 50.7 from 52.3; and the unfilled orders index rose to 18.5 from 12.1. The delivery times index decreased to 6.9 from 12.8, and inventories increased to 13.7 from 8.9.
