“The diffusion index for current general activity at the firm level fell from a revised reading of 6.4 in December to -0.2 in January,” the Federal Reserve Bank of Philadelphia said in its latest Nonmanufacturing Business Outlook Survey on Tuesday. “This is its first negative reading since October 2011; the index has fallen 41 points since November.”
Key takeaways from the press release
- The new orders index fell 21 points to -3.1, its first negative reading since February 2013.
- The sales/revenues index fell 12 points to 3.9 in January.
- The full-time employment index fell slightly from a revised reading of 11.8 in December to 9.4 in January.
- The prices paid index rose 5 points to 26.3.
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