Philadelphia Fed nonmanufacturing activity index 9.6 versus 39.1 last month

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Sharp decline in September Philadelphia Fed nonmanufacturing business activity index the current regional activity index for the Philadelphia region fell from 39.1 last month to 9.6 in SeptemberFirm level business saw a decline that was a little less at 21.9 versus 37.2 last month. The level was the lowest reading since Aprilthe share of firms reporting increases in general activity came in at 44% which exceeded the shares reporting decreases at 22%. However the shares of firms reporting decreases nearly doubled from last monthnew orders 14.7 versus 27.4 last monthemployment 14.1 versus 8.2 last monthwage and benefit costs 42.1 versus 43.0 last monthsales revenue index 16.7 versus 29.0 in AugustThe diffusion index for future activity at the firm level fell sharply from a reading of 65.8 in August to 39.3 this month, its lowest reading since JanuaryThe Philadelphia Fed said in summary:Responses to this month's Nonmanufactu
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