The latest Philly Fed business report from the services industry 23 January 2018

  • Firm level activity 29.3 vs 20.6 prior
  • New orders 21.6 vs 12.2 prior
  • Employment -0.4 vs 10.5
  • Wages and benefit costs 29.9 vs 33.9 prior

Soft numbers, particualrly in employment, in which this is an indicaotr of full-time jobs. If it was part time, we could put it down to seasonal factors for this sector. Not a big data point but it’s something to look at when we get the main services numbers from Markit and the ISM.

Ryan Littlestone

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