Details of the Philly Fed non-manufacturing index report 26 May 2015
- New orders 27.3 vs 35.9 prior
- Employment 13.6 vs 23.1 prior
- Wages and benefit costs 43.2 vs 28.2 prior
- Capex - Plant 5.1 vs 25.0 prior
- Capex - Eqiup 25.6 vs 31.8 prior
- 6m expectations 82.1 vs 81.8 prior
A similar story to the Philly Fed's business optimism index in the components. Employment down, orders down, but perhaps the takeaway is the wages and benefits cost index rising. Over 30% of firms are now finding it harder to retain staff. That's a good sign for the jobs market and consumer as it suggests confidence among employees to look for better paid jobs
