Philadelphia Fed nonmanufacturing Index for May -16.0 versus -22.8 in April

• Prior month -22.8
• Philadelphia Fed nonmanufacturing Index -16.0 versus -22.8 last month
• Firm-level business activity index -9.5 versus -16.2 in April. This is the 3rd consecutive negative reading.
• new orders 2.7 versus -23.9 April. This was the 1st positive reading since February.
• full-time employment 14.9 in May versus 11.5 in April. Part-time employment rose 3 points but remain negative at -1.3.
• Average work week increase 5 points to 5.6
• Price indicator readings suggest continued increases in prices for inputs and the firms’ own goods and services. The prices paid index increased 5 points to 40.3 in May.
• Regarding prices for the firms’ own goods and services, the prices received index edged up 1 point to 21.6 this month.
• wage and benefit cost index 35.3 in May versus 39.7 in April

The Philly Fed's May Nonmanufacturing Business Outlook Survey indicates a relatively sluggish non-manufacturing sector, with slight improvements in some areas but still overall weakness. The general firm-level activity index, although slightly improved, continued to signal contraction. Both new orders and sales/revenues indices registered their first positive readings since February, indicating a subtle upturn. While there was reported growth in full-time employment, part-time employment remained in a negative territory. The prices paid and received indexes both rose slightly, hinting at continued price increases in both inputs and outputs. Firms projected their own prices to increase by 4.0%, while expecting a 5.0% inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term rate for U.S. consumers over the next year. Despite the ongoing challenges, firms remained optimistic about their growth and the regional activity over the next six months.