U.S. regional non-manufacturing continues to expand in October

Source: Xinhua| 2018-10-24 00:37:02|Editor: yan
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HOUSTON, Oct. 23 (Xinhua) -- Business activities in the non-manufacturing sector in some eastern U.S. states continued to grow in October despite some lower readings, according to a report by the Federal Reserve Bank of Philadelphia on Tuesday.

The October Non-manufacturing Business Outlook Survey, conducted by the Federal Reserve Bank of Philadelphia, found that the respondents remained optimistic about growth over the next six months, although indicators for firm-level general activity and new orders fell.

The diffusion index for current general activity at the firm level fell from 46.8 in September to 37.2 in October.

The new orders index fell nearly 20 points to 7.8, its lowest level since July 2015, while the sales/revenues index edged down from 42.8 in September to 41.3 in October.

The survey's labor market indicators fell in October. The full-time employment index decreased from 36.7 in September to 16.6 in October, coming down from last month's all-time high for the series.

Both price indicators moderated from last month's readings but still suggest overall increases in prices for inputs and for firms' own goods and services. The prices paid index fell 11 points to 15.0. Regarding the prices for firms' own goods and services, the prices received index fell from 24.3 in September to 18.6 in October.

Both future activity indices suggest that firms expect growth to continue over the next six months, although a higher share of firms expect decreases this month than did last month. The diffusion index for future activity at the firm level fell from 53.6 to 43.9. The future regional activity index fell 15 points to 30.3.

The Non-manufacturing Business Outlook Survey is a monthly survey of non-manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.

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