- 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 February 21, 2017
The Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Index of current conditions in February rose to 38.0 from 33.3 during January. It was the highest level since June 2015. Forty-four percent of respondents reported an increase in current activity, while six reported less. The expectations index at the company level for January eased to 57.5, a three-month low. The regional expectations index declined to 33.0, also a three-month low.
The new orders index backed away from its two-year high with a lessened 33% of respondents reporting an increase in orders. The sales/revenues index similarly declined sharply. On the employment front, the index of full-time permanent employees declined to a three-month low, while the index for part-time or temporary employment held steady m/m. Wage & benefit cost gains weakened. The average employee workweek index declined to the lowest point since July. The capital expenditures reading on physical plant as well as equipment & software fell sharply.
The index for prices paid retraced three months of increase. The index of prices received turned negative for the first time since 2012.
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)||Feb||Jan||Dec||Feb'16||2016||2015||2014|
|General Activity - Company||38.0||33.3||26.1||26.2||19.7||31.3||38.7|
|Sales or Revenue||32.5||43.5||20.4||14.0||16.1||23.6||30.2|
|Number of Full-Time Permanent Employees||12.4||19.5||16.7||11.5||11.7||15.5||17.3|
|Expected General Activity - Company||57.5||68.3||61.6||26.9||36.1||53.8||59.9|