The
Nonmanufacturing Business Outlook Survey, released by the Federal Reserve Bank
of Philadelphia on Tuesday, revealed the region's manufacturing activity remained
low in early December and was little changed from November.
According to
the survey, the diffusion index for current general activity slipped to -6.0 this
month from an unrevised -5.9 in November.
This marked the lowest reading in three months.
A reading above
0 signals expansion, while a reading below 0 indicates contraction.
According to
the report, the sales/revenues index fell 1.3 points to 1.8, remaining in
expansion territory for the fifth straight month but at the lowest level since
July. Meanwhile, the new orders index declined 1.8 points
to -6.1, recording its second consecutive contraction. The
employment indicators remained positive despite decreases with the full-time
employment gauge coming in at 3.5 (-1.9 points from the November level), and the part-time employment measure coming in at 8.9 (-.2.8 points from the November
level). On
the price front, the prices paid index jumped 8.2 points to 30.9 and the prices
received index climbed 23.5 points to 24.0, indicating overall increases in price pressures.