The region's non-manufacturing sector declined in January, as the general business conditions index dropped to 8.8 from 32.5 in December, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.
At the company level, the general business activity index plunged to 8.8 from 47.5.
The prices paid index was 14.7, up from 5.0 last month, new orders index fell to 14.7 from 25.0, sales or revenues slumped to 8.8 from 32.5, the unfilled orders index fell to zero from 10.0, the inventories index widened to negative 2.9 from negative 2.5, prices received decreased to 2.9 from 5.0, the number of full time employees index declined to 17.6 from 22.5, the number of part time employees index rose to 20.6 from 15.0, and the average employee workweek fell to negative 5.9 from positive 15.0.
The six months from now regional general business conditions index slid to 82.4 from 90.0 in last month's survey, while the company general business conditions index fell to 61.8 from 72.5.
