Philly Fed Jan Non-Manufacturing Firm-Level Business Activity Index: -14.3 (prev 5.0)

 

Non-Manufacturing Firm-Level Business Activity Index: -14.3 (prev 5.0)
Philadelphia Non-Manufacturing New Orders Index Jan: 0.2 (prev -9.5)
Philadelphia Non-Manufacturing Regional Business Activity Index Jan: -17.5 (prev -26.6)
Non-Manufacturing Regional Fed Wage And Benefit Cost Index: 16.4 (prev 8.4)
Non-Manufacturing Full-Time Employment Index: 3.1 (prev -5.8)
Survey responses were collected from January 11 to January 21.

Philly Fed services moves back into negative territory for the first time since mid-2020, with a big drop to negative 14.3 on the firm level (from +5 in Dec), although interestingly new orders were up 10 points to +0.2 and full time employment also went into positive territory at +3.1 from -5.8 in December (and part-time/contract increased to -4.8 from -12.5). Prices paid cont'd to move up to above-average levels while prices rec'd fell. Cap ex also increased with physical plant slightly negative and equipment and software/equipment positive (+10.7).  Exp's for 6 months out stayed strongly positive at +34.3 (on firm level was +38.5 in Dec).

From Philly Fed:

Responses to the January Nonmanufacturing Business Outlook Survey suggest further weakening in nonmanufacturing activity in the region. The indexes for general activity at the firm level and sales/revenues both declined and posted negative readings. Although the indexes for new orders and full-time employment increased, readings for both remained low. The firms continued to report overall increases in the prices of both their own goods and their inputs. The respondents continued to anticipate growth over the next six months. 



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