The Philadelphia region’s manufacturing sector contracted in June, as the general business conditions index slumped down to negative 7.7 from positive 3.9 in May, according to this month’s Federal Reserve Bank of Philadelphia Report on Business.
Economists surveyed by Thomson Reuters had predicted a reading of positive 7.0 for the index.
The prices paid index was 26.8 in June, down substantially from 48.3 last month, new orders plunged to negative 7.6 from positive 5.4, and shipments slid to 4.0 from 6.5.
The six-months-from-now general business conditions index plunged to 2.5 from 16.6 in last month’s survey, the prices paid index fell to 27.5, off from 52.4, and the prices received index dropped to 2.5 from 27.3.
The capital expenditures index fell to 12.9 from 23.1 last month. The number of employees index fell to 5.5 from 22.3, while the average workweek index decreased to negative 1.6 from positive 9.8.
The new orders index slumped to 7.9 from 16.8 and shipments fell to 6.6 from 20.4.
