Philadelphia Manufacturing Grows at Slower Pace

Washington, DC, April 19, 2012 -– Manufacturing in the Philadelphia region grew at a slower pace in April, the Philadelphia Federal Reserve reported Thursday.

The business conditions index fell to 8.5 from 12.5 in March. Economists expected the index to fall to 10.8.

The index for new orders slipped to 2.7 from 3.3 in March, shipments fell to 2.8 from 3.5, and prices paid rose to 22.5 from 18.7.

However, the index for number of employees rose to 17.9 from 6.8 in March.