- US: Advance Trade & Inventories (Feb)
- Sweden: Retail Trade, PPI, International Trade (Feb); Iceland: CPI (Mar)
- Turkey: International Reserves (Feb); Mauritius: Wage Rate Index, LFS (Q4); Saudi Arabia: Non-Oil Foreign Trade (Jan); Palestine: BOP (Q4); UAE: Fuel Prices (Apr); Israel: Construction Starts & Completions (Q4); South Africa: Construction Survey (Q1); Tanzania: Trade (Q4)
- Brazil: PPI (Feb)
- more updates...
Economy in Brief
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...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller June 21, 2016
For a third month, the Federal Reserve Bank of Philadelphia reported that its Index of Nonmanufacturing Sector Activity at the company level was fairly steady. The index level of 17.6 compared to 18.2 in May and 17.8 in April, each little changed following a decline to 17.5 in March. The measure has been declining since early last year. The expectations index for general activity also deteriorated to the lowest level since February. These diffusion indexes are seasonally adjusted.
Weakness in the overall reading was led by a lower new orders component, which was the weakest since last July. The inventories series also fell sharply showing little accumulation after robust readings in the prior three months. Order backlogs also expanded at a greatly reduced rate and shipments growth eased.
Countering these deteriorations was improvement in hiring, where the full-time permanent employee index rose to its highest level since October. That was accompanied by a decline in the part-time employment series. The wage & benefit cost index remained steady after strengthening in April.
The index of prices paid surged to the highest level in 12 months. Thirty percent of respondents reported higher prices paid while four percent paid less. The index of prices received rose slightly m/m.
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.
Semiannual Monetary Report to the Congress by Federal Reserve Chair Janet L. Yellen is available here.
|Federal Reserve Bank of Philadelphia: Nonmanufacturing Business Outlook Survey (Diffusion Index, SA)||Jun||May||Apr||Jun'15||2015||2014||2013|
|General Activity - Company||17.6||18.2||17.8||45.3||31.4||38.8||29.8|
|Sales or Revenue||15.0||23.6||9.6||26.7||23.6||30.2||27.0|
|Number of Full-Time Permanent Employees||18.3||10.6||7.5||25.5||15.6||17.3||18.8|
|Expected General Activity - Company||36.7||39.1||56.0||56.5||54.0||60.1||47.4|