Philadelphia Fed: non-mfg expansion steady in Oct., prices moderate
The region's services sector expanded at a steady pace, as the general business conditions index grew to 37.6 in October from 37.4 in September, this month's Federal Reserve Bank of Philadelphia non-manufacturing Report on Business, released Tuesday, indicates.
At the company level, the general business activity index fell to 37.2 from 46.8.
The prices paid index was 15.0, down from 26.3 last month, while prices received dropped to 18.6 from 24.3. “Both price indicators moderated from last month’s readings but still suggest overall increases in prices for inputs and for firms’ own goods and services,” according to the report.
New orders index declined to 7.8 from 26.7, sales or revenues slipped to 41.3 from 42.8, the unfilled orders index plunged to negative 4.9 from positive 9.3, the inventories index dropped to negative 1.5 from positive 13.9, the number of full time employees index dropped to 16.6 from 36.7, and the average employee workweek climbed to 25.5 from 25.1.
The six months from now regional general business conditions index decreased to 30.3 from 45.6, while the company general business conditions index fell to 43.9 from 53.6.