Philly Non-Factory Index Plunges as Prices Drop
The region’s services sector decelerated, as the general business conditions index slumped to 3.9 in December from 43.3 in November, this month’s Federal Reserve Bank of Philadelphia non-manufacturing Report on Business, released Friday, indicates.
At the company level, the general business activity index plunged to 3.0 from 42.4.
The prices paid index was 18.3, down from an all-time high of 37.5 last month, while prices received dropped to 3.8 from 25.8.
New orders index fell to 12.7 from 28.2, sales or revenues declined to 13.4 from 48.9, the unfilled orders index rose to 3.9 from 3.4, the inventories index climbed to 8.2 from 6.4, the number of full time employees index dropped to 9.6 from 10.3, and the average employee workweek gained to 24.5 from 24.3.
The six months from now regional general business conditions index slumped to 19.2 from 52.4, while the company general business conditions index fell to 37.5 from 53.6.