Philly area non-manufacturing rebound
- Wage and benefit cost index 37.0 vs 43.6 prior
- Firm-level activity 24.6 vs 12.2
- New orders 25.5 vs 14.3
- Full-time employment 21.1 vs 23.8
This is a low-tier indicator but the numbers are strong and are starting to show that the Fed may have unnecessarily hit the panic button on soft data in May/June.
