Philly Fed: Firm-level general activity index rose to its highest reading in 4 months
|"Respondents to the August Nonmanufacturing Business Outlook Survey suggested that business activity continued to expand," the Federal Reserve Bank of Philadelphia said on Tuesday.
Key quotes:
- The diffusion index for current general activity at the firm level rose 13 points to 30.7
- This is the highest reading for this index since April 2017. More than 43 percent of the firms reported an increase in activity in August, while 12 percent reported a decrease.
- Firms’ perceptions of current activity in the region increased as well, as the regional activity index rose 8 points to 31.8.
- The firm-level general activity index rose to its highest reading in four months, and the indexes for new orders and sales also improved.
- However, the indexes for full-time and part-time employment fell.
- The indicators for prices paid and prices received showed little movement.
- Both future activity indexes increased, but the respondents’ optimism has waned somewhat since the first half of the year.
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