“Responses to the Nonmanufacturing Business Outlook Survey suggest that regional nonmanufacturing activity continued to expand in August,” the Federal Reserve Bank of Philadelphia reported on Tuesday.
Key highlights
- The diffusion index for current general activity at the firm level increased 6 points to 41.1, its highest reading since June 2015.
- The new orders index fell for the third consecutive month, to 29.0, but remained above its historical average.
- Almost 55 percent of the firms reported increases in sales/revenues, while 14 percent reported declines.
- The full-time employment index edged up from 29.5 in July to 32.2 in August, marking an increase for the third consecutive month.
- The prices paid index fell 1 point to 27.4.
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