- 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)
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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 September 20, 2016
The Federal Reserve Bank of Philadelphia reported that its September Index of Nonmanufacturing Sector Activity at the company level declined to 16.7, the lowest level since July 2015. It remained down sharply versus 53.9 in February 2015. Future improvement may be coming, however, as the expectations index for general activity rose to 52.7, its highest level since November. These diffusion indexes are seasonally adjusted.
Lower new orders and lower shipments readings, as well as a weaker part time employment index, prompted the deterioration in this month's figure. Wage & benefit costs eased to the lowest level in three months. Capital expenditures on equipment and software also fell sharply. The average workweek was fairly stable. Strengthening were the readings for full time employment, as well as prices paid, unfilled orders and inventories.
The reading for general activity in the region eased to the lowest level in three months, but remained up sharply from levels early this year.
The expectations reading at the company level improved to the highest point since April. Expectations for the region rose modestly, up moderately from early this year.
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)||Sep||Aug||Jul||Sep'15||2015||2014||2013|
|General Activity - Company||16.7||19.5||20.3||28.3||31.4||38.8||29.8|
|Sales or Revenue||11.1||22.5||22.2||33.4||23.6||30.2||27.0|
|Number of Full-Time Permanent Employees||19.3||10.0||1.9||10.2||15.6||17.3||18.8|
|Expected General Activity - Company||52.7||43.7||46.3||60.0||54.0||60.1||47.4|