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The Philadelphia Fed nonmanufacturing activity in the region declined in July, as reported by the firms in the Nonmanufacturing Business Outlook Survey. Key indicators such as general activity at the firm level, new orders, and sales/revenues turned negative. The full-time employment index also suggested a decline in employment. Both price indexes showed continued overall price increases, remaining near non-recession averages. Despite the decline, firms still expect growth over the next six months, though these expectations are less widespread.
Below is a summary of the data:
Employment details:
Prices details were mixed with prices paid higher but prices received lower:
This article was written by Greg Michalowski at www.forexlive.com.
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