Philadelphia Fed: non-mfg growth jumps; firms’ reading best in 10 months
The region's non-manufacturing sector “continued to expand,” as the general business conditions index soared to 31.0 in February from 19.5 in January, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.
At the company level, the general business activity index grew to 32.1, its best level in 10 months, from 29.3.
The prices paid index was 23.7, down from 27.8 last month, new orders index slid to 16.7 from 21.6, sales or revenues grew to 29.3 from 23.9, the unfilled orders index climbed to 16.2 from 8.0, the inventories index reversed to positive 8.0 from negative 3.6, prices received declined to 12.5 from 17.3, the number of full time employees index surged to positive 18.0 from negative 3.6, and the average employee workweek fell to 12.6 from 19.2.
The six months from now regional general business conditions index rose to 48.7 from 45.3, while the company general business conditions index decreased to 58.5 from 62.6.