The region’s manufacturing showed moderate expansion in January, as the general business conditions index climbed to 7.3 from 6.8 in December, this month’s Federal Reserve Bank of Philadelphia Report on Business indicates.
Economists predicted a reading of 10.0 for the index.
The prices paid index was 31.8, up from 30.4 in December, the new orders index slipped to 6.9 from 10.7, shipments slid to 5.7 from 9.1, the unfilled orders index slumped to negative 4.1 from positive 5.1, prices received increased to 11.2 from 10.3, and the number of employees index crept to 11.6 from 11.5.
The general business conditions index for six months from now increased to 49.0 from 40.0 in last month’s survey, the prices paid index was at 52.7, up from 49.4 in the previous survey, and the prices received index tumbled to 23.8 from 26.4.
The capital expenditures index surged to 22.9 from 10.8 last month.