Sept. Philadelphia Fed index shows faster growth, prices ease

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Manufacturers report expanding at a quicker rate in September, and the Federal Reserve Bank of Philadelphia Report on Business respondents reported “diminished price pressures this month.”

The general business conditions index increased to 22.9 from 11.9.

Economists surveyed by IFR Markets predicted a reading of 16.5 for the index.

The prices paid index was 39.6, down from 55.0 last month, new orders index surged to 21.4 from 9.9, shipments gained to 19.6 from 16.6, the unfilled orders index rose to 12.6 from 5.6, the delivery times index grew to 11.1 from 6.4, inventories dropped to negative 3.5 from positive 15.4, prices received declined to 19.6 from 33.2, the number of employees index grew to 17.6 from 14.3, and the average employee workweek climbed to 14.6 from 10.7.

The six months from now general business conditions index slid to 36.3 from 38.8 in last month’s survey, the prices paid index was at 49.6, down from 60.2 in the prior survey, and the prices received index fell to 44.2 from 58.9. The capital expenditures index dipped to 26.7 from 27.1 last month. The number of employees index slid to 31.7 from 32.1, while the average workweek index decreased to 10.8 from 15.2. The new orders index decreased to 34.7 from 38.1, shipments dropped to 35.5 from 42.1; and the unfilled orders index fell to 10.5 from 12.3. The delivery times index grew to 5.2 from 2.5, and inventories declined to 0.4 from 2.2.

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Economic indicators Manufacturing industry