The bank's November Nonmanufacturing Business Outlook Survey found that the diffusion index for current general activity at the firm level increased 23 points in November to 31.7, while the new orders index ticked down 1 point to 25.6 in November.
The sales/revenues index increased for the second consecutive month, rising from 25.5 in October to 33.5 in November. The index measuring firms' perception of regional activity rose 8 points to 20.7.
Responding firms reported overall increases in both full- and part-time employment. The full-time employment index rose 5 points to 21.1 in November, while the part-time employment index was little changed at 10.1, and the average workweek index ticked up 2 points to 12.3. The wages and benefits indicator fell 5 points to 36.7.
The indexes for prices paid for inputs and prices received for the firms' own products and services both increased in November. The prices paid index rose 8 points to 28.6, while the prices received index rose from 8.0 in October to 10.7 in November.
The diffusion index for future activity at the firm level remained stable at 47.2, while the future regional activity index rose from 15.5 in October to 21.1 in November, suggesting optimism about growth in the region over the next six months.
The Nonmanufacturing Business Outlook Survey is a monthly survey of nonmanufacturers 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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