HOUSTON, Aug. 15 (Xinhua) -- U.S. Federal Reserve Bank of Philadelphia on Thursday reported generally growing regional manufacturing activity in August.
The diffusion index for current general activity fell 5 points in August to 16.8, after an increase of 22 points in July. The current new orders index increased 7 points, while the shipments index decreased 6 points.
Both the unfilled orders and delivery indexes remained positive this month, suggesting higher unfilled orders and slower delivery times.
The survey showed overall increases in manufacturing employment this month, but the current employment index decreased 26 points to 3.6, its lowest reading since November 2016. The average workweek index also decreased but remained positive.
The firms continued to report increases in the prices paid for inputs. The prices paid diffusion index decreased 3 points and remains well below readings over the past two and a half years. The current prices received index, reflecting the manufacturers' own prices, increased 4 points to a reading of 13.0.
The diffusion index for future general activity fell 5 points to 32.6, after increasing 17 points in July. Over 46 percent of the firms expect increases in activity over the next six months, while 14 percent expect declines. The future new orders index decreased 2 points, while the future shipments index increased 2 points.
The firms remained optimistic about future hiring. Thirty-one percent of the firms expect higher employment over the next six months. The future capital spending index decreased 14 points to its lowest reading in five months.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.
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.