Philadelphia Fed: non-mfg growth expands in Aug., prices still high

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The region's services sector “continued to expand,” but at a slightly slower pace, as the general business conditions index slid to 41.7 in August from 44.3 in July, 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 grew to 41.1 from 35.5.

The prices paid index was 27.4, down from 28.6 last month, while prices received jumped to 26.9 from 12.4. “Most firms (53%) reported no change in input prices,” according to the report. “Nearly 31% of the firms reported increases in prices received, while only 4% reported decreases. Fifty-four percent of the firms reported no change in their own prices.”

New orders index dipped to 29.0 from 31.5, sales or revenues gained to 40.5 from 35.6, the unfilled orders index increased to 6.9 from 1.7, the inventories index rose to 9.5 from 5.4, the number of full time employees index grew to 32.2 from 29.5, and the average employee workweek fell to 16.4 from 29.2.

The six months from now regional general business conditions index increased to 46.2 from 31.5, while the company general business conditions index climbed to 50.7 from 41.5.

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Economic indicators Federal Reserve Bank of Philadelphia