The region's manufacturing sector expanded in June, as the general business conditions index soared to positive 12.5 from negative 5.2 in May, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists surveyed by Thomson Reuters predicted a reading of negative 2.0 for the index.
The prices paid index was 22.5, compared to 6.9 last month, new orders index rose to positive 16.6 from negative 7.9, shipments grew to positive 4.1 from negative 8.5, the unfilled orders index narrowed to negative 7.9 from negative 9.3, the delivery times index slipped to negative 9.3 from negative 6.0, inventories slumped to negative 6.6 from positive 4.1, prices received reversed to positive 14.6 from negative 3.3, the number of employees index narrowed to negative 5.4 from negative 8.7, and the average employee workweek increased to positive 0.8 from negative 12.4.
The six months from now general business conditions index grew to 33.7 from 32.3 in last month's survey, the prices paid index was at 26.4, down from 30.7 in the prior survey, and the prices received index rose to 23.5 from 18.2. The capital expenditures index climbed to 27.3 from 11.5 last month. The number of employees index soared to 27.3 from 10.0, while the average workweek index dipped to 7.5 from 14.1. The new orders index gained to 41.5 from 34.5; shipments rose to 37.6 from 31.7; and the unfilled orders index increased to 17.8 from 16.9. The delivery times index grew to 4.8 from 1.9, and inventories reversed to positive 0.4 from negative 1.3.