The Philadelphia Fed’s Nonmanufacturing Business Outlook Survey reached 22.0 in September. This result marks a significant recovery from the negative reading of -8.2 recorded in August.
The survey tracks companies in the services sector, including healthcare, retail, logistics, and professional services, across Delaware, southern New Jersey, and eastern and central Pennsylvania.
The index has been published monthly since 2011 to monitor regional economic health. It measures changes in general activity, new orders, sales, employment, and prices at the firm level.
In July, the index stood at 17.5 before dropping to -8.2 in August. The September figure of 22.0 indicates that a majority of firms in the region are reporting expansion rather than contraction.
Detailed data regarding specific components like new orders or employment have not yet been disclosed. The Federal Reserve monitors such sentiment data to calibrate monetary policy and interest rates.
