U.S. Federal Reserve Bank of Philadelphia on Thursday reported continued improvement of regional manufacturing conditions this month based on the observation of the April Manufacturing Business Outlook Survey.
The survey, conducted by the Philadelphia Fed responsible for the Third District covering eastern Pennsylvania, southern New Jersey, and Delaware, suggested that the region's manufacturing sector continued to grow in April.
The new orders index increased by 14 points to 15.7 this month. Over 39 percent of the firms reported an increase in new orders, up from 26 percent last month. They expected increases in activity over the next six months, while 20 percent of the firms expected declines.
The prices paid index increased by 2 points to 21.6, gaining its first increase in nine months. Over 26 percent of the firms reported higher input prices this month, while 5 percent reported lower input prices.
The current employment index increased from a reading of 9.6 in March to 14.7 this month. Nearly 27 percent of the responding firms reported increases in employment, while 12 percent of the firms reported decreases.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington, D.C., make up the Federal Reserve System.