Phila-region mfg price slide unprecedented-Trebing
NEW YORK, Aug 20 (Reuters) - Materials prices for Philadelphia-region manufacturers have undergone an unprecedented slide, said Michael Trebing, an economist at the Federal Reserve Bank of Philadelphia.
''When we compare the results of this month's survey to previous months', we're seeing unprecedented levels, on the index at least, for prices paid,'' Trebing said in a teleconference.
He referred specifically to the prices paid index of the regional Fed bank's monthly business outlook report, which fell to -10.6 in August from -2.1 in July. The index's measure of prices received fell to -8.2 from -5.8.
''On our price indicators this month we're seeing the firms report overall declines in both input prices and the prices they received for their manufactured goods,'' Trebing said.
Asked what had produced the declines, Trebing said ''one could speculate that it's a combination of slowing in growth of the manufacturing sector ... and also some possible impacts on prices from imports, etc.''
The overall index of Philadelphia-region manufacturing activity fell to 13.3 in August from 11.6 in July. |
