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.