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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