The region's non-manufacturing sector “continued to expand,” at a faster pace, as the general business conditions index increased to 33.6 in June from 25.6 in May, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.

At the company level, the general business activity index grew to 28.0 from 25.8.

The prices paid index was 7.9, down from 16.6 last month, new orders index gained to 19.7 from 15.0, sales or revenues rose to 37.8 from 25.5, the unfilled orders index climbed to 7.2 from 3.7, the inventories index increased to positive 8.0 from negative 1.9, prices received slid to 3.3 from 17.4, the number of full time employees index soared to 19.7 from 9.3, and the average employee workweek rose to 21.0 from 18.6.

The six months from now regional general business conditions index grew to 50.1 from 43.9, while the company general business conditions index dipped to 48.3 from 49.9.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.