Philadelphia Fed: non-mfg growth slows; prices received dip but still high
The region's services sector showed “continued but moderated improvement,” as the general business conditions index slid to 27.6 in April from 30.1 in March, 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 26.0 from 27.6.
The prices paid index was 26.0, down from 36.7 last month, while prices received dropped to 12.1 from 18.9. “Firms continued to report overall increases in prices for inputs and for their own goods and services, but both the prices paid and prices received indexes retreated from their March readings,” according to the report.
New orders index slumped to 12.5 from 31.9, sales or revenues declined to 13.5 from 24.0, the unfilled orders index dropped to 8.0 from 9.5, the inventories index slipped to 0.1 from 2.3, the number of full time employees index slid to 15.8 from 22.6, and the average employee workweek fell to 12.1 from 29.9.
The six months from now regional general business conditions index declined to 41.5 from 49.7, while the company general business conditions index decreased to 40.8 from 54.1.