- Sweden: Consumer Confidence, Business Tendency Survey, Public Finance (Mar)
- Spain: Mortgage Market (Jan), Order Book Forecast (Mar)
- Italy: ISTAT Business & Consumer Survey Press Release (Mar)
- Germany: Business Registrations & Deregistrations (Dec), Import & Export Prices (Feb), IAB Labor Market Barometer (Mar)
- Vietnam: GDP (Q1), CPI, IP, International Trade, Passenger & Cargo Traffic Statistics, Manufacturing Sales and Inventories, International Visitor Arrivals (Mar); Korea: Economic Sentiment
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Economy in Brief
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...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller April 26, 2016
The Federal Reserve Bank of Philadelphia reported that its Index of Nonmanufacturing Sector Activity at the company level was roughly unchanged at 17.8 in April versus 17.5 in March. The measure has been declining, however, since early last year. Working the other way, the expectations index for general activity improved sharply m/m. These diffusion indexes are seasonally adjusted.
Improvement in the labor market components paced this month's overall improvement. The full-time and part-time employment figures notched higher following a sharp decline in March. The average workweek reading rebounded to the highest level since November 2014, and the wage & benefit costs reading surged to an 18-month high.
The new orders and sales indexes continued their recent downtrends, and the inventory series eased. Capital spending plans weakened as well.
The prices paid diffusion index rebounded somewhat after collapsing in March, but prices received fell to the lowest reading since September.
Expectations for general business activity improved sharply and reversed a recent downtrend.
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)||Apr||Mar||Feb||Apr'15||2015||2014||2013|
|General Activity - Company||17.8||17.5||25.6||34.9||31.4||38.8||29.8|
|Sales or Revenue||9.6||19.0||9.1||27.9||23.6||30.2||27.0|
|Number of Full-Time Permanent Employees||7.5||6.1||11.1||17.0||15.6||17.3||18.8|
|Expected General Activity - Company||56.0||42.2||30.5||45.2||54.0||60.1||47.4|