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- Philadelphia-area nonmanufacturing activity continues to grow in August
Philadelphia-area nonmanufacturing activity continues to grow in August
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 expand in early August, albeit at a slower
pace than in July.
According
to the survey, the regional activity index came in at 37.2, down from 44.8 in
July. This was the lowest reading in the last three months.
A
reading above 0 signals expansion, while a reading below 0 indicates
contraction.
According
to the report, the new orders index fell 4 points to a reading of 27.4 in August,
recording its first decline since April, while the sales/revenues index plunged
11 points to 29.0, the full-time employment index plunged 17 points to 8.2 and
the part-time employment index dropped 8 points to 2.1. At the same time, the
unfilled orders index rose 5 points to 13.0. On the price front, the prices paid
index decreased 5 points to 50.1, while the prices received index slipped 3
points to 26.2.
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