Philadelphia Fed nonmanufacturing index
The Philadelphia Fed nonmanufacturing index for May came in at 17.3 versus 21 last month
- full-time employment index 20.5 versus 18.3 last month
- part-time employment 11.3 versus 24.3 last month
- average workweek 24.9 versus 24.5 last month
- firm level business activity index 28.1 versus 39.2 last month
- new orders index 10.6 versus 25.4 last month
- wage and benefit cost index 38.9 versus 38.2 last month
- prices paid 25.9 versus 27.1 last month
- prices received 20.1 versus 16.4 last month
- capital expenditures for plant 19.0 versus 13.0 last month
- capital expenditures for equipment 18.8 versus 15.4 last month
- The diffusion index for future activity at the firm level increased 13 points to 56.9
- Sixty-five percent of the firms expect an increase in activity at their firms over the next six months (up from 53 percent last month), compared with 8 percent that expect a decline (similar to last month).
A littel lower but still solid and pointing toward growth.
Recall that last Thursday the Philadelphia manufacturing index came in stronger-than-expected at 16.6 versus 9.0 estimate
In the Philly Fed's own words on the nonmanufacturing index:
Results from this month's Nonmanufacturing Business Outlook Survey suggest continued but moderated expansion in regional nonmanufacturing activity. The indicators for firm-level general activity, new orders, and sales/revenues decreased but remained positive, while the firms reported overall increases in both full-time and part-time employment. The respondents continued to expect growth over the next six months
