- Japan: First Ten Days Trade (Mar), International Trade, Foreign Banks Foreign Banks in Japan (Feb)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts/Statistical Balance Sheet, Foreign Currency Assets, Liabilities, and Currency Flows (Feb); Australia: Flow of Funds (Q4), Job Vacancies (Q1)
- Korea: Building Permits (Feb); Philippines: LFS (Q3)
- US: IIP (Q4)
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
by Tom Moeller March 22, 2016
The Federal Reserve Bank of Philadelphia reported that its Index of Nonmanufacturing Sector Activity at the company level fell to 17.5 in March. The measure has been declining since early last year. The expectations index for general activity improved m/m, but a downtrend remained in place. These diffusion indexes are seasonally adjusted.
Deterioration in the labor market components recently has paced the declines in the total index. The full-time jobs index fell to its lowest level since July and the part-time employment figure declined similarly. The average workweek reading also deteriorated to a July low, and the wage & benefit costs reading neared an early-2014 low.
The prices paid diffusion index collapsed to its weakest reading since the end of 2014, but prices received continued to strengthen.
The sales or revenue index improved this month, but remained well below the 2013 high. The same pattern is exhibited in the new orders index, though it's below a 2014 high. The inventories index bounced sharply higher to its strongest level in nearly a year. The unfilled orders reading improved to its best figure since October. The capital spending readings also improved.
The Philadelphia Fed figures are diffusion indexes which are calculated by subtracting the percent of respondents reporting poorer business conditions from those reporting improvement. Thus, they have a good correlation with growth in the series covered. The data is available in Haver's SURVEYS database.
|Federal Reserve Bank of Philadelphia: Nonmanufacturing Business Outlook Survey (Diffusion Index, SA)||Mar||Feb||Jan||Mar'15||2015||2014||2013|
|General Activity - Company||17.5||25.6||21.4||34.6||31.4||38.8||29.8|
|Sales or Revenue||19.0||9.1||14.0||29.0||23.6||30.2||27.0|
|Number of Full-Time Permanent Employees||6.1||11.1||12.8||17.1||15.6||17.3||18.8|
|Expected General Activity - Company||42.2||30.5||23.5||42.7||54.0||60.1||47.4|