Better news in the non-manufacturing sector from the Philly Fed
The latest Philly Fed survey for non-manufacturing was out moments ago, and my post was rudely interrupted by the Kiwi dairy auction. Nevertheless, the story is better here than its manufacturing cousin
There was a drop in Oct activity to 17.5 from 29.3 in Sep, though employment and new orders gained. The full time jobs index rose to 20.0 from 4.9 and new orders were 30.0 vs 22.0 prior
Price paid gained to 17.5 from 12.2 and those received to 22.5 from 7.3
Capex was up in physical plants to 20.0 from 14.6 but down on software and equipment to 15.0 from 24.4.
Expectations at firm level for the next six months remained virtually unchanged at 85.0 vs 85.4 in Sep, but expectations for the region jumped 4.5 points to 85.0
These numbers don't have the market appeal of the manufacturing data but there are some decent positives to take despite the softer headline
