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KC Fed: Little Improvement in Services Sector Indexes in September

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The services sector in the Tenth Federal Reserve District continues to be weak according to results of the Federal Reserve Bank of Kansas City’s September Services Survey . The top line composite index improved slightly from the -3 reported in August to a neutral 0 in September, but still far below the 14 registered in July 2026. Similarly, the general revenue/sales index improved to 6 from 0 in the prior month, again still meaningfully below July’s reading of 19. The employment indexes, employee count, part-time employment and hours worked, were all lower m/m and in negative territory in the September survey.  After plunging in August, the six-month expectations indexes recovered somewhat in September, with the composite index increasing to 12 from 5 in August, and the general revenue/sales index increasing to 17 from 12. However, both of these indexes are well below their respective June peaks of 26 and 41. Finally, the employment six-month expectations indexes improved slightly,...
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K C Fed: Manufacturing Indexes Improve in September

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  All of the current indexes in the Federal Reserve Bank of Kansas City’s Manufacturing Survey were higher m/m in September. The survey’s top line composite index was reported at 14 for September compared to 10 in August. It was the second consecutive monthly increase in this index. The production, shipments, new orders and backlog indexes all increased m/m. The employment indexes were mixed, with employee count remaining at a neutral 0 and the average workweek increasing from 1 to 13. The six-month forward indexes however, were flat to slightly lower, with the composite expectations index dipping to 19 from 20 in August and most of the other forward indexes down slightly. Price pressure was a consistent theme in the comment section with one respondent predicting that “prices to customers are going to go up and go up significantly if something doesn't change quickly. We are looking at a huge new round of inflation. Perhaps even scarcity of supply”.  
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Boston Fed: Why Massachusetts Post-COVID Employment Growth has Lagged

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Employment growth in Massachusetts has lagged that of the US since COVID 2020 pandemic. A new study by economists at the Federal Reserve Bank of Boston calculates that, when indexed to January 2020, total employment in Massachusetts in July 2026 was slightly below the January 2020 level (0.994), but the comparable figure for the US was slightly higher (1.045). They conclude that anemic post-pandemic growth in three sectors, professional and business services, healthcare and social assistance, and construction were primarily to blame. However, they note that Massachusetts enjoyed above average growth from these three sectors from January 2009 to January 2020, and that this pace of growth proved to be unsustainable post-COVID.
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Cactus League Contributed $800 Million to Arizona Economy in 2026

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A new study by the Arizona State University W.P. Carey School of Business Seidman Research Institute estimates that Major League Baseball’s Cactus League spring training activities contributed $495.8 million to Arizona’s GDP in 2026 and produced $806.9 million in overall economic activity for the state this year. Unfortunately, the Institute doesn’t seem to have released the study to the general public yet. Its website has a similar 2018 study available, but not the 2026 study. All we have at the moment are media reports based on what appears to be a selective distribution of a press release. 
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Philly Fed August State Indexes Strong Again

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The Federal Reserve Bank of Philadelphia’s State Coincident Indexes registered another solid gain in August as the three-month diffusion index increased to 92 from 86 in July. This brings the three-month diffusion index back to a level last seen in April 2026. The indexes increased in 48 states with only Hawaii and Alabama posting index declines over the three-month period. However, the indexes of both of these states actually improved slightly m/m. Seventeen states posted over 1.0% increases over the last three months, led by Nevada and Rhode Island. The exhibit below is reproduced from the press release.
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Philly Fed September Services Indexes Neutral

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The latest Federal Reserve Bank of Philadelphia’s Nonmanufacturing Business Outlook Survey indicates stable economic activity in the Philadelphia area services sector in September.  The top line firm specific general business activity index rose from -8.2 in August to a just positive +0.3 in September. However, the regional general business activity index dropped to -22 from -10.6 in the prior month. Still, the employment indexes all showed positive movement m/m, with the full time index increasing to +19 from +2.1, and the average workweek moving into positive territory at +8.5 from -13.4 in August. The capex indexes also moved higher in the month. The six-month general forward business activity indexes increased m/m, but the expectations for firm specific activity were stronger at +20.3 than the regional expectations at +2.0.
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West Virginia Reports Record Tourism

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According to a press release from the office of West Virginia Governor Pat Morrisey, the state’s tourism hit record levels in 2025. Visitor count reached 78.4 million last year, up 1.8% y/y. State officials estimate that tourism’s contribution to the West Virginia economy hit a record $9.4 billion last year. The state’s total nominal GDP was estimated at $109.3 billion in 2025.
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