A look at the service sector from the Philly Fed

  • New orders 25.4 vs 24.5 prior
  • Wages 38.2 vs 43.8 prior
  • Full-time employment 18.3 vs 33.3 prior
  • Firm-level activity 39.2 vs 38.3 prior

The headlines are close to expectations but there is a considerable cooling in the jobs and wages components.