November 2017 US Philly Fed non-manufacturing index report 21 November 2017

  • Business activity 19.3 vs 32.2 prior
  • Firm-level business activity 16.4 vs 24.7 prior
  • New orders 16.5 vs 11.4 prior
  • Full time employment 21.5 vs 17.3 prior
  • Part time 10.8 vs 14.7 prior
  • Prices paid 23.2 vs 28.3 prior
  • Prices recieved 0.3 vs 14.3 prior
  • Wages and benefits 43.4 vs 40.1 prior
  • Capex – Plant 22.5 vs 25.8 prior
  • Capex – Equipment 22.9 vs 35.4 prior

Some mixed message from the Philly services index. Good full-time employment but lower part-time. Ordinarily that’s a good equation but we’d maybe expect a pick up in part-time employment for the holiday period. Bad news on the inflation front with prices falling in both paid and rec’d but then we get higher wage costs. It’s not usually a market moving report but this one is a mostly a negative one.

Ryan Littlestone

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Philosophy: “Don’t be a Dick for a tick”

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Ryan Littlestone

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