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Economy in Brief

Philadelphia Fed Nonmanufacturing Survey Results Are Firm
by Tom Moeller  June 24, 2015

The Federal Reserve Bank of Philadelphia reported that its Index of Nonmanufacturing Sector Activity of 54.1 remained at nearly the highest level since March 2012. Strength was derived from improvement in the number of full-time employees, the number of part-time workers, unfilled orders and prices paid. The latter surged to the highest level since October 2012. These diffusion indexes are not seasonally adjusted.

New orders, sales and the average workweek eased m/m but remained sharply higher versus this winter's low. Capital expenditures also eased m/m, notably for equipment & software.

The expectations reading for the region improved slightly m/m but remained near the middle of the range since 2013. The company reading fell sharply to its lowest point since January.

The Philadelphia Fed figures are diffusion indexes which are calculated by subtracting the percent of respondents reporting poorer business conditions from those reporting improvement. Thus, they have a good correlation with growth in the series covered. The data is available in Haver's SURVEYS database.

Federal Reserve Bank of Philadelphia: Nonmanufacturing Business Outlook Survey (Diffusion Index, NSA) June May Apr Jun'14 2014 2013 2012
General Activity - Region 54.1 54.5 41.0 51.0 35.9 25.2 22.5
  New Orders 27.0 27.3 35.9 43.5 28.0 20.2 20.2
  Sales or Revenue 32.4 43.2 38.5 50.0 30.4 27.2 19.4
  Number of Full-Time Permanent Employees 24.3 13.6 23.1 13.0 17.4 19.0 12.7
  Prices Paid 35.1 11.4 17.9 26.1 19.7 20.6 20.7
Expected General Activity - Region 81.1 79.5 82.1 84.8 83.6 80.9 73.3
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