The region’s manufacturing sector contracted modestly in May, as the general business conditions index slipped to negative 5.8 from positive 8.5 in April, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists forecast a level of 10.0.
The prices paid index was 5.0, compared to 22.5 last month, new orders index slumped to negative 1.2 from positive 2.7, shipments gained to 3.5 from 2.8, the unfilled orders index reversed to negative 9.4 from positive 3.2, inventories slipped to 4.5 from 8.2, and prices received fell to negative 4.5 from positive 9.4.
The six-months-from-now general business conditions index slumped to 15.0 from 33.8, the prices paid index was at 37.8, up from 35.2, and the prices received index fell to 7.7 from 20.4. The capital expenditures index slid to 5.3 from 21.7.
The new orders index dipped to 26.3 from 35.4, shipments slid to 20.8 from 31.0, and the unfilled orders index decreased to 5.9 from 7.4. The inventories index fell to negative 10.8 from positive 9.7.