Philadelphia Fed: Non-mfg index activity steady in April
The region's services sector “continued to expand” at nearly the same pace as the previous month, as the general business conditions index slid to 21.0 in April from 21.7 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 climbed to 39.2 from 38.3.
The prices paid index was 27.1, down from 28.0 last month, while prices received rose to 16.3 from 11.0.
New orders index improved to 25.4 from 24.5, sales or revenues declined to 37.2 from 42.5, the unfilled orders index fell to 6.9 from 11.0, the inventories index dropped to 0.8 from 10.3, the number of full time employees index plunged to 18.3 from 33.3, and the average employee workweek decreased to 24.5 from 29.9.
The six months from now regional general business conditions index grew to 29.5 from 27.2, while the company general business conditions index fell to 44.0 from 45.8.