Dec. Philadelphia Fed index shows slower growth

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Manufacturers report expansion “continued to grow but remained subdued” in December, and the Federal Reserve Bank of Philadelphia Report on Business respondents showed price indexes were positive, but again lower than earlier this year.

The general business conditions index decreased to 9.4 from 12.9.

Economists surveyed by IFR Markets predicted a reading of 15.0 for the index.

The prices paid index was 38.0, down from 39.3 last month, new orders index rose to 14.5 from 9.1, shipments fell to 10.0 from 21.6, the unfilled orders index reversed to positive 9.7 from negative 4.8, the delivery times index climbed to 6.7 from 5.0, inventories reversed to negative 0.2 from positive 9.5, prices received grew to 26.2 from 21.9, the number of employees index increased to 18.3 from 16.3, and the average employee workweek dropped to 0.5 from 6.3.

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The six months from now general business conditions index gained to 31.7 from 27.2 in last month’s survey, the prices paid index was at 60.2, up from 59.5 in the prior survey, and the prices received index dropped to 45.0 from 58.6. The capital expenditures index slipped to 35.7 from 36.1 last month. The number of employees index grew to 34.7 from 32.5, while the average workweek index declined to 10.3 from 19.5. The new orders index fell to 41.2 from 46.5, shipments slid to 35.6 from 38.9; and the unfilled orders index decreased to 11.8 from 13.1. The delivery times index climbed to 2.7 from 2.5, and inventories fell to 1.3 from 10.0.

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