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US DATA: Jump In Philly Fed Non-Manufacturing Underlines Resilient US Services

US DATA
USEM BulletGlobalEmerging Market NewsData BulletBulletMarketsFixed Income BulletsForeign Exchange BulletsRegionNorth America

The October Philadelphia Fed Non-Manufacturing Survey was stronger than expected, even beyond the headline "beat" of 6.0 for the regional activity index (above 4.1 expected for the first positive reading since June).  It adds to evidence that US services sector activity remains robust into Q4, corroborating recent ISM and PMI services readings at the end of Q3 (both printed around 55 in September, and are expected to remain well above 50 in October).

  • On a firm level basis, the current activity index rose 25 points to 26.5, the highest level since March 2022, with jumps in new orders (highest since March 2022) and sales/revenues (highest since November 2022). Full-time employment was strong, but so too were price indicates (prices paid +16 points, received +18 points).
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The October Philadelphia Fed Non-Manufacturing Survey was stronger than expected, even beyond the headline "beat" of 6.0 for the regional activity index (above 4.1 expected for the first positive reading since June).  It adds to evidence that US services sector activity remains robust into Q4, corroborating recent ISM and PMI services readings at the end of Q3 (both printed around 55 in September, and are expected to remain well above 50 in October).

  • On a firm level basis, the current activity index rose 25 points to 26.5, the highest level since March 2022, with jumps in new orders (highest since March 2022) and sales/revenues (highest since November 2022). Full-time employment was strong, but so too were price indicates (prices paid +16 points, received +18 points).