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- Philadelphia-area nonmanufacturing activity continues to expand in September
Philadelphia-area nonmanufacturing activity continues to expand in September
The
Nonmanufacturing Business Outlook Survey, released by the Federal Reserve Bank
of Philadelphia on Tuesday, showed the region's business activity in the nonmanufacturing sector continued to improve in September.
According to
the survey, the regional activity index rose 6 points to 8.0 in September, its highest reading since February.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to the report, the new orders index fell 3.1 points to 8.5, but remained positive for the third straight month, while the sales/revenues index edged down 0.9 point to 9.8. At the same, the diffusion index for current general activity at the firm level rose 2.5 points to 20.4 in September, recording positive reading for the fourth consecutive month. Elsewhere, the employment indicators – the full-time employment index (5.1) and part-time employment index (8.0) - turned positive for the first time since February after six straight months of negative readings. On the price front, the prices paid index increased 7 points to 17.1 in September, while the prices received index surged 21.8 points to 15.5.
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