- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
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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 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|