Philadelphia Fed: non-mfg growth expands in June as prices rise
The region's services sector showed “continued expansion,” as the general business conditions index slid to 39.1 in June from 45.3 in May, 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 40.7 from 39.5.
The prices paid index was 36.6, up from 33.8 last month, while prices received climbed to 28.5 from 22.6. “Both price indicators increased for the second consecutive month,” according to the report. “Although the majority of firms (51%) reported no change in input prices, 39% of the respondents reported increases, while only 2% reported decreases.”
New orders index dipped to 35.5 from 36.2, sales or revenues declined to 24.6 from 33.7, the unfilled orders index dropped to 2.9 from 6.2, the inventories index slipped to 5.1 from 8.2, the number of full time employees index rose to 19.9 from 7.7, and the average employee workweek dropped to 15.7 from 26.8.
The six months from now regional general business conditions index gained to 53.6 from 50.1, while the company general business conditions index soared to 58.2 from 45.3.