Philadelphia Fed service hiring strengthens as the regional outlook weakens
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The Philadelphia Fed's full-time employment index for service firms jumped to 19.0 in September from 2.1, its highest reading since June 2022.
The wider picture was weaker. The survey put regional activity at minus 22.0, down from minus 10.6, while activity at respondents' own firms recovered to 0.3 from minus 8.2.
New orders remained negative for the seventh time in eight months, though that index improved to minus 2.2. Sales and revenue stayed positive at 6.8.
Price pressure increased. The prices-paid index rose to 37.8 from 29.2, and prices received climbed to 20.0 from 10.3. Future activity at respondents' own firms improved to 20.3.