HOUSTON, Jan. 22 (Xinhua) -- Business activities in the non-manufacturing sector in some eastern U.S. states showed slowdown in January, according to a report from the Federal Reserve Bank of Philadelphia on Tuesday.
The January Nonmanufacturing Business Outlook Survey, conducted by the Federal Reserve Bank of Philadelphia, found that the respondents continued to expect growth over the next six months, though optimism was less widespread.
The diffusion index for current general activity at the firm level fell from a revised reading of 6.4 in December to -0.2 in January, the first negative reading since October 2011. The index has also fallen 41 points since November 2018.
The new orders index fell 21 points to -3.1. It's the first negative reading since February 2013.
The sales/revenues index fell 12 points to 3.9 in January. Nearly 35 percent of the responding firms reported increases in sales/revenues, while 31 percent reported decreases.
The full-time employment index fell slightly from a revised reading of 11.8 in December to 9.4 in January.
The prices paid index rose 5 points to 26.3.
The diffusion index for future activity at the firm level fell from a revised reading of 43.2 in December to 22.9 this month. The future regional activity index fell 16 points to 10.3.
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.