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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