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Philly Fed Nonmanufacturing Mixed At Best

US DATA

A mixed-at-best May Philadelphia Fed nonmanufacturing surveyjust released.

  • Current activity actually edged up but the overall index dropped 19 points to 4.6 as future activity fell 13 points to one of the lowest readings in the survey's 11 year history.
  • Stronger employment (full-time employment index hit the highest since March 2019) but stronger prices (prices paid hit a new all-time high of 80.0).
  • "Responses to this month’s Nonmanufacturing Business Outlook Survey suggest expansion in nonmanufacturing activity in the region. The indicators for firm-level general activity, new orders, sales/revenues, and full-time employment all rose. Both price indexes remain above long-run averages. Although the future indexes declined, the responding firms continue to expect growth over the next six months overall."

Source: Philadelphia Fed, MNI

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A mixed-at-best May Philadelphia Fed nonmanufacturing surveyjust released.

  • Current activity actually edged up but the overall index dropped 19 points to 4.6 as future activity fell 13 points to one of the lowest readings in the survey's 11 year history.
  • Stronger employment (full-time employment index hit the highest since March 2019) but stronger prices (prices paid hit a new all-time high of 80.0).
  • "Responses to this month’s Nonmanufacturing Business Outlook Survey suggest expansion in nonmanufacturing activity in the region. The indicators for firm-level general activity, new orders, sales/revenues, and full-time employment all rose. Both price indexes remain above long-run averages. Although the future indexes declined, the responding firms continue to expect growth over the next six months overall."

Source: Philadelphia Fed, MNI