Philadelphia Fed: non-mfg growth slows in Nov.
The region's non-manufacturing sector “continued to expand, but with a slowing in the pace of growth,” as the general business conditions index decreased to 19.3 in November from 32.2 in October, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.
At the company level, the general business activity index fell to 16.3 from 24.7.
The prices paid index was 23.2, down from 28.3 last month, new orders index gained to 16.5 from 11.4, sales or revenues slid to 15.8 from 25.5, the unfilled orders index declined to 5.2 from 9.8, the inventories index rose to 3.9 from 0.6, prices received dropped to 0.3 from 14.3, the number of full time employees index climbed to 21.5 from 17.3, and the average employee workweek jumped to 18.8 from 10.6.
The six months from now regional general business conditions index declined to 31.3 from 43.4, while the company general business conditions index increased to 42.8 from 38.0.