Philadelphia Fed: non-mfg growth expands in July, prices still growing

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The region's services sector “continued to expand,” as the general business conditions index rose to 44.3 in July from 39.1 in June, 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 35.5 from 40.7.

The prices paid index was 28.6, down from 36.6 last month, while prices received dropped to 12.4 from 28.5. “Although the majority of firms (53%) reported stable input prices, 32% of the respondents reported increases, while only 4% percent reported decreases,” according to the report. “The prices received index fell notably from 28.5 in June to 12.4 in July, close to its historical average of 12.0. While 26% of the firms reported increases in prices received, 13% reported decreases. Half of the firms reported no change in their own prices.”

New orders index dipped to 31.5 from 35.5, sales or revenues gained to 35.6 from 24.6, the unfilled orders index dropped to 1.7 from 2.9, the inventories index crept to 5.4 from 5.1, the number of full time employees index rose to 29.5 from 19.9, and the average employee workweek soared to 29.2 from 15.7.

The six months from now regional general business conditions index plunged to 31.5 from 53.6, while the company general business conditions index slumped to 41.5 from 58.2.

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Economic indicators Federal Reserve Bank of Philadelphia