Philadelphia Fed Non-Manufacturing Firm-Level Business Activity Index Feb: 7.5 (prev -14.3)

  Philadelphia Fed Non-Manufacturing Firm-Level Business Activity Index Feb: 7.5 (prev -14.3)


Philadelphia Fed Non-Manufacturing Firm-Level Business Activity Index Feb: 7.5 (prev -14.3)
Philadelphia Fed Non-Manufacturing Regional Business Activity Index Feb: 3.9 (prev -17.5)
Philadelphia Fed Non-Manufacturing New Orders Index Feb: 4.0 (prev 0.2)
Philadelphia Fed Non-Manufacturing Full-Time Employment Index Feb: 2.8  (prev 3.1)
Philadelphia Fed Wage And Benefit Cost Index Feb: 21.7 (prev 16.4)
Survey responses were collected from February 8 to February 18.

Philly Fed services current activity rebounds from Jan's negative reading back into positive territory with increases in general activity, new orders, and sales/revenues edging all of those into modestly positive territory (details below). Full-time employment came in a touch lighter (but still positive) but wages increased above 20. Prices also remained at very high levels with prices paid up over 30 and prices received (which had been flat last month) up over 10.  The special question was about future prices and like we saw in the mfg survey they have increased from a 2% rise to a 3% rise over next four quarters. Future activity also increased strongly up 16 points to over 50(!).   

From Philly Fed:

Responses to this month’s Nonmanufacturing Business Outlook Survey indicated improved conditions in nonmanufacturing activity in the region. The indicators for firm-level general activity, sales/revenues, and new orders all increased from last month to positive but low readings. Additionally, the firms reported overall increases in employment. The future activity indexes suggest that respondents expect improvement at their firms and in the region over the next six months.




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