Philly Fed: Firm-level general activity index rose to its highest reading in 4 months

Eren Sengezer FXStreet

"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.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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