Philadelphia's Nonmanufacturing Sector Takes a Hit in July The latest ...

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2024-07-23 12:59:03

Philadelphia's Nonmanufacturing Sector Takes a Hit in July

The latest Nonmanufacturing Business Outlook Survey from the Philadelphia Fed shows a downturn in nonmanufacturing activity in July. Key metrics, including general firm activity, new orders, and sales/revenues, have all turned negative. The employment index for full-time workers also indicates a decline. Despite ongoing price increases, firms maintain cautious optimism for growth in the coming six months, though confidence is waning.

Key Highlights:
General activity index plummeted from 15.1 in June to -10.0.
New orders index dropped from 6.7 to -7.1.
Sales/revenues index fell from 14.5 to -3.5.
Regional activity index hit -19.1, the lowest since December 2020.
Full-time employment index fell from 15.1 to -4.9.
Prices paid index increased to 30.2, while prices received index declined to 13.9.

#PhiladelphiaFed #Economy #Nonmanufacturing #BusinessOutlook #EconomicReport

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Published at

2024-07-23 12:59:03

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Event JSON

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