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August Philadelphia Fed Regional Nonmanufacturing Activity Index Falls

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The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index fell to minus 10.6 in August from 7.4 in the previous month compared to a smaller decrease to 3.6 expected in a Bloomberg survey, indicating contraction in the sector.

The readings for new orders, sales and employment decreased in the month, while the prices paid index increased.

The six-month outlooks at both the regional and firm levels decreased, with 25% of respondents expecting contraction in the region over the next six months compared with 18.7% that forecast expansion.

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