Philly Fed: Regional nonmanufacturing activity continued to expand

"Respondents to this month’s Nonmanufacturing Business Outlook Survey reported that regional nonmanufacturing activity continued to expand, but with a slowing in the pace of growth," the Federal Reserve Bank of Philadelphia reported on Tuesday.

Key highlights

The indexes for current firm-level activity and sales/revenues fell but remained positive, while the index for new orders rose.

The index for full-time employment also rose.

The survey responses indicated overall price increases for inputs and flat prices for the respondents’ own products and services.

The respondents remained optimistic about activity over the next six months.