- Ireland: **CPI Rebased to Dec-2016=100 (Jan)**
- Finland: LFS, Vacancies (Jan); Sweden: Population (2016)
- Flash Surveys: Japan, France, Germany, Eurozone, US (Feb); Manufacturing Survey - US (Feb)
- Bahrain: CPI (Jan); Tunisia: Real GDP, Unemployment (Q4); South Africa: Leading Indicators (Dec); Oman: PPI (Q4); Kenya: Foreign Trade (Dec-Prelim)
- Luxembourg: Employment and Unemployment (Jan)
- Estonia: HICP (Jan); Lithuania: PPI (Jan); Macedonia: ODC
- more updates...
Economy in Brief
European PMI Data Rise and Create a Twist on a Theme
The manufacturing and service sectors both are showing lift in the Markit PMI framework in February...
U.S. Leading Economic Indicators Post Another Strong Increase
The Conference Board's Composite Index of Leading Economic Indicators increased 0.6% during January (2.5% y/y)...
EMU Current Account Surplus Shrinks in December: Still Way Too Large
Germany, the largest EMU economy, has run nothing but current account surpluses since July 2001 with only two monthly exceptions...
U.S. Housing Starts Ease, But Permits Improve
Housing starts during January declined 2.6% to 1.246 million (AR) from 1.279 million in December...
Philadelphia Fed Factory Business Conditions Index Strengthens
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index jumped to 43.3 during February...
U.S. Initial Claims For Unemployment Insurance Rise Slightly
Initial claims for unemployment insurance increased to 239,000 (-8.1% y/y) during the week ended February 11...
by Tom Moeller February 21, 2017
The Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Index of current conditions in February rose to 38.0 from 33.3 during January. It was the highest level since June 2015. Forty-four percent of respondents reported an increase in current activity, while six reported less. The expectations index at the company level for January eased to 57.5, a three-month low. The regional expectations index declined to 33.0, also a three-month low.
The new orders index backed away from its two-year high with a lessened 33% of respondents reporting an increase in orders. The sales/revenues index similarly declined sharply. On the employment front, the index of full-time permanent employees declined to a three-month low, while the index for part-time or temporary employment held steady m/m. Wage & benefit cost gains weakened. The average employee workweek index declined to the lowest point since July. The capital expenditures reading on physical plant as well as equipment & software fell sharply.
The index for prices paid retraced three months of increase. The index of prices received turned negative for the first time since 2012.
The Philadelphia Fed figures are diffusion indexes which are calculated by subtracting the percent of respondents reporting poorer business conditions from those reporting improvement. So, readings above zero indicate more positive than negative responses. These indexes have a good correlation with growth in the series covered. The data are available in Haver's SURVEYS database.
|Federal Reserve Bank of Philadelphia: Nonmanufacturing Business Outlook Survey (Diffusion Index, SA)||Feb||Jan||Dec||Feb'16||2016||2015||2014|
|General Activity - Company||38.0||33.3||26.1||26.2||19.7||31.3||38.7|
|Sales or Revenue||32.5||43.5||20.4||14.0||16.1||23.6||30.2|
|Number of Full-Time Permanent Employees||12.4||19.5||16.7||11.5||11.7||15.5||17.3|
|Expected General Activity - Company||57.5||68.3||61.6||26.9||36.1||53.8||59.9|