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- Philadelphia-area non-manufacturing activity continues to expand in July
Philadelphia-area non-manufacturing activity continues to expand in July
The
Nonmanufacturing Business Outlook Survey, released by the Federal Reserve Bank
of Philadelphia on Tuesday, showed the region's business activity in the
non-manufacturing sector continued to grow in early July, albeit at a slower
pace than in June.
According to the survey, the regional activity index came in at 44.8, down from 56.7 in June.
A
reading above 0 signals expansion, while a reading below 0 indicates
contraction.
According
to the report, the new orders index rose 4.4 points to a reading of 31.8 in
July, remaining positive for the seventh straight month, while the
sales/revenues index edged down 1.4 points to 39.6. At the same, the full-time
employment index more than recovered its drop from June, jumping 20.5 points to
24.8 in July. Similarly, the part-time employment index rose 8.3 points
to 9.6, and the average workweek index went up 4.7 points to 25.4. On the price
front, the prices paid index increased 5.8 points to 54.8, while the prices
received index edged up 0.6 point to 29.5.
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