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2026-05-26 21:44:48
[Philadelphia Fed Non-Manufacturing Survey: Business Activity Rises Slightly to -3.8, But Regional Activity Plunges to -23.6] ⑴ The Philadelphia Fed's non-manufacturing survey released Tuesday showed that the business activity index rose slightly to -3.8 in May from -4.5, but the regional activity index plummeted to -23.6 from -16.5, with approximately 35.2% of surveyed businesses reporting a decline in regional business activity. ⑵ The new orders index improved significantly from -16.9 to -0.8, nearing neutral levels. The proportion of businesses seeing increases and decreases in new orders was almost equal, potentially indicating a period of stability after the surge in new orders driven by the Iran war. ⑶ As new orders stabilized, the sales and revenue indices fell to -7.6 from +2.5 in April. Employment indicators remained neutral, with manufacturing companies showing a greater preference for hiring part-time and contract workers rather than full-time employees. (4) The price paid index fell to 36.5 in May from 43.9, but 42.1% of surveyed businesses still saw an increase in input costs. The price received index began to rise, which may indicate that input cost inflation is gradually being passed on to sales prices. (5) The expectations index shows that businesses expect their own business level to improve to +14.4, but expect the regional level to deteriorate to -9.6.
