The services side of the Philly Fed business survey for May 2016

  • New orders 23.1 vs 13.9 prior

  • Full time employment 10.6 vs 7.5

  • Wages and benefits cost index 26.6 vs 40.3 prior

  • Prices paid 22.4 vs 10.9

  • Sales 23.6 vs 9.6 prior

  • 6m expectations 25.5 vs 35.2 prior

A mixed bag really. Wage costs are lower on the month but there's been a pick up in new biz and sales. However, firms expectations going forward are lower.

It's not seen as a big indicator, which is why it's not on many calendars. It all goes in the mix though.