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Economy in Brief
Kansas City Federal Reserve Factory Index Strengthens; Expectations Surge
The Kansas City Fed reported that its index of regional manufacturing sector business activity increased to 20 during March...
U.S. Initial Unemployment Insurance Claims Rise
Initial claims for unemployment insurance increased to 258,000 (-3.0% y/y) during the week ended March 18...
U.K. Retail Looks Less Bulletproof
For the most part, the assessments embodied in the March survey from the UK's CBI are being taken as being upbeat...
U.S. Existing Home Sales Fall to Five-Month Low; Inventory Remains Tight
Sales of existing single-family homes declined 3.7% (+5.4% y/y) to 5.480 million units (AR) during February...
U.S. FHFA House Price Index Momentum Diminishes
The FHFA U.S. house price index remained unchanged during January following a 0.4% December increase ...
Japan's Trade Trends Turn Sharply Higher
Japan has logged its largest current account surplus since April 2010...
by Tom Moeller May 24, 2016
The Federal Reserve Bank of Philadelphia reported that its Index of Nonmanufacturing Sector Activity at the company level was fairly steady in May, for a second month, at 18.2 versus 17.8 in April. The measure has been declining, however, since early last year. The expectations index for general activity deteriorated sharply, however, and reversed its April improvement. These diffusion indexes are seasonally adjusted.
To the upside were the new orders, sales, inventories and prices paid components.
The employment readings for full and part-time workers were roughly unchanged, as were unfilled orders. The capital expenditure figures also continued to trend sideways.
To the downside were prices received, employee workweek and wage & benefit costs.
The index of future general activity fell to the lowest level in three months.
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)||May||Apr||Mar||May'15||2015||2014||2013|
|General Activity - Company||18.2||17.8||17.5||37.7||31.4||38.8||29.8|
|Sales or Revenue||23.6||9.6||19.0||30.5||23.6||30.2||27.0|
|Number of Full-Time Permanent Employees||10.6||7.5||6.1||7.5||15.6||17.3||18.8|
|Expected General Activity - Company||39.1||56.0||42.2||50.0||54.0||60.1||47.4|