- China: Industrial Profits (Mar); Philippines: Tourist Arrivals (Feb); Korea: GDP (Q1)
- New Zealand: Tourism Expenditure, International Reserves, RBNZ Analytical Accounts and Statistical Balance Sheet (Mar); Australia: Import and Export Price Indexes (Q1)
- Japan: Input Output Prices, International Trade, Lease Contracts (Mar), First 10 Days Trade (Apr)
- France: INSEE Household Survey (Apr), Registered Unemployed & Job
- more updates...
Economy in Brief
U.S. Gasoline Prices Are Little-Changed; Crude Oil Falls
Regular gasoline prices of $2.45 per gallon last week (13.3% y/y)...
Japan's METI Indexes Show Ongoing Gains
The services sector is assessed by the METI indexes where it is named the 'tertiary sector.' That sector index rose to 104.1 in February...
U.S. New Home Sales & Prices Strengthen
Sales of new single-family homes increased 5.8% (15.6% y/y) during March to 621,000...
U.S. Consumer Confidence Backpedals
The Conference Board Consumer Confidence Index fell 3.7% during April (+27.0% y/y) to 120.3...
U.S. FHFA House Price Index Regains Strength
The FHFA U.S. house prices increased 0.8% during February (6.5% y/y)...
French Manufacturing and Service Sectors Weaken But Stay on Trend or Hold Recent Gains
The French manufacturing sector trend index is down to 1 in April from 3 in March...
by Tom Moeller December 20, 2016
The Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Index of current conditions in December rose to 30.4 from 15.6 in November. It rebounded to the highest level since June 2015. Forty-seven percent of respondents reported an increase in current activity, a thirteen-month high. Despite the monthly rebound, the figure for all of last year fell sharply from 2015. The expectations index for December surged to 65.8, the highest level since August of last year. Expectations for regional activity also were greatly improved.
Virtually all of the index components improved. The new orders index jumped to the highest level since July with 41% of respondents reporting an increase. Sales/revenues similarly improved. On the employment front, the index of full-time permanent employees rose to the highest point since October or last year, while the index for part-time or temporary employment also strengthened. The average employee workweek rebounded to nearly the highest level since April, but wage & benefit costs rose just modestly. These costs have been trending sideways since 2011. Capital expenditures on physical plant strengthened along with the equipment & software reading. The index for prices paid increased m/m, but remained sharply below the Q2 and Q3 highs. The index of prices received fell sharply 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. So, readings above zero indicate more positive than negative responses. These indexes have a good correlation with growth in the series covered. The data are available in Haver's SURVEYS database.
|Federal Reserve Bank of Philadelphia: Nonmanufacturing Business Outlook Survey (Diffusion Index, SA)||Dec||Nov||Oct||Dec'15||2016||2015||2014|
|General Activity - Company||30.4||15.6||16.3||24.8||19.7||31.4||38.8|
|Sales or Revenue||23.5||17.2||6.0||24.0||16.1||23.6||30.2|
|Number of Full-Time Permanent Employees||19.7||14.3||8.5||15.7||11.7||15.6||17.3|
|Expected General Activity - Company||65.8||40.4||40.4||56.6||43.1||54.0||60.1|