The region's non-manufacturing sector “continued to expand,” as the general business conditions index increased to 31.8 in August from 23.4 in July, 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 30.7 from 18.1.

The prices paid index was 22.7, up from 20.8 last month, new orders index gained to positive 19.4 from negative 0.1, sales or revenues rose to 24.5 from 17.1, the unfilled orders index climbed to 8.3 from 3.4, the inventories index decreased to 3.3 from 3.6, prices received slid to 6.0 from 7.2, the number of full time employees index dropped to 3.1 from 18.9, and the average employee workweek rose to 22.4 from 19.2.

The six months from now regional general business conditions index grew to 44.1 from 34.5, while the company general business conditions index gained to 44.9 from 40.0.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.