HOUSTON, July 23 (Xinhua) -- Business activities in the non-manufacturing sector expanded in some eastern U.S. states in July, recovering from a broad decline in June, the Federal Reserve Bank of Philadelphia reported on Tuesday.
The bank's July Nonmanufacturing Business Outlook Survey found that the regional activity index increased 13 points to 21.4, after a nine-point fall in June. The respondents continued to anticipate growth for themselves and for the region over the next six months.
The diffusion index for current general activity at the firm level climbed 12 points to 24.6 in July, after falling 16 points in June. Thirty-eight percent of the firms reported increases in activity, up from 31 percent last month, compared with 13 percent that reported decreases.
The new orders index rose 11 points to 25.5. The share of firms reporting increases in new orders, 33 percent, was higher than the share reporting decreases, 7 percent.
The sales/revenues index rose from 17.0 in June to 22.5 in July, after declining 10 points in June. Over 41 percent of the responding firms reported increases in sales/revenues, while 19 percent reported decreases.
The firms continued to report overall increases in full-time and part-time employment, and the wages and benefits indicator fell 7 points to 37.0. The average workweek index was stable at 18.7.
Both price indicator readings suggest overall increases in prices for inputs and for the firms' own goods and services, but the price indexes moved in opposite directions this month.
The prices paid index fell 10 points to 12.2. Regarding prices for firms' own goods and services, the prices received index jumped 12 points from June to 20.5 in July.
The firms' expectations for growth over the next six months strengthened as both future activity indexes increased this month after falling sharply in June.
The diffusion index for future activity at the firm level moved up from a reading of 26.4 in June to 36.0 this month, and the future regional activity index strengthened 11 points to 21.8.
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.
