Philly Fed non-manufacturing data

  • Prior was 44.3

  • Business activity 41.1 vs 35.5

  • New orders 29.0 vs 31.5 prior

  • Employment 32.2 vs 29.5

  • Wage and benefit cost index 46.4 vs 47.5 prior

Bit of a miss here with new orders on the soft side.