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“Responses to the July Nonmanufacturing Business Outlook Survey suggest that nonmanufacturing activity continued to expand in the region,” the Federal Reserve Bank of Philadelphia announced on Tuesday.

Key takeaways from the official publication

  • The firm-level index of general activity and new orders decreased but remained elevated, while the sales/revenues index rose moderately.
  • The full-time employment index continued its climb during recent months.
  • Although prices were muted compared with last month, firms continued to report overall increases in prices of both their own goods and their inputs.
  • The respondents anticipated growth for their own firms and the region over the next six months, despite a moderation in both series from last month.