Philly Fed: Nonmanufacturing business activity continued to expand in June
|"Respondents to the Nonmanufacturing Business Outlook Survey reported that business activity continued to expand in the region in June," said the Federal Reserve Bank of Philadelphia on Tuesday.
Key highlights:
- Firms continued to report growth in overall business activity. The diffusion index for general activity at the firm level rose 2 points to 28.0, moving closer to its historical average of 28.5
- The sales/revenues index increased 12 points to 37.8 in June
- The full-time employment index increased 10 points to 19.7, pushing the index above its historical average (14.4)
- Firms reported moderation in increases in input prices and in prices for their own goods and services. The prices paid index fell 9 points to 7.9
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