Philadelphia Fed nonmanufacturing activity index
- Prior month -16.0
- Firm level business activity index -7.5 in June versus -9.5 in May
- New orders index -16.2 versus a 2.7 in May
- Full-time employment index -14.3 versus 14.9 in May. Big shift in the employment component.
- Part-time employment -8.8 versus -1.3 last month
- Average work week -20.4 versus 5.6 last month
- Wage and benefit cost index 22.2 versus 35.3 in May
- Average work week -20.4 versus 5.6 last month
- Unfilled orders -1.3 versus 1.8 last month
- Inventories -7.1 versus -3.9 last month
- Capital expenditures for plant 4.5 versus 9.6 last month.
- Capital expenditures for equipment 8.6 versus 22.2 last month
- Sales/revenues -10.6 versus 9.3 last month
The Summary from the Philadelphia Fed:
Responses to this month’s Nonmanufacturing Business Outlook Survey suggest weak nonmanufacturing activity in the region. The indicator for firm-level general activity remained negative, and the new orders and sales/revenues indexes returned to negative territory. The full-time and part-time employment indexes suggest overall decreases in employment. Both price indexes decreased, with the prices received index falling into negative territory. Overall, the responding firms expect growth over the next six months at their own firms.
Looking at the price indices chart below, the prices paid and prices received are falling sharply which is good news for inflation. The employment decline is also good news for inflation , but the Fed still wants to see more from the service side of the other main inflation releases before they accept success in slaying inflation.
Philly Fed prices paid and received falling
For the full report CLICK HERE