U.S. regional non-manufacturing sector continues to expand in July
HOUSTON, July 24 (Xinhua) -- A monthly survey found that the business activities in the non-manufacturing sector in some eastern U.S. states continued to grow in July, according to a Tuesday report by the Federal Reserve Bank of Philadelphia.
The July Nonmanufacturing Business Outlook Survey, conducted by the Federal Reserve Bank of Philadelphia, found that the respondents remain optimistic about growth over the next six months in their own firms and in the region.
The diffusion index for current general activity at the firm level fell from 40.7 in June to 35.5 in July but remains above its historical average of 28.4.
Overall, most firms continued to increase employment levels for both full-time and part-time employment. The full-time employment index increased from 19.9 in June to 29.5 in July, its highest reading ever.
Both price indicators decreased this month, following two consecutive months of increases for the two series. The prices paid index fell 8 points to 28.6 but remained above its historical average of 21.1.
Future activity indexes decreased after rising for the two prior months, both falling below their long-term averages. The diffusion index for future activity at the firm level decreased from 58.2 to 41.5.
The Non-manufacturing Business Outlook Survey is a monthly survey of non-manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.
The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.