Philly Fed Nonmanufacturing Business Outlook Survey (July 2026): Regional General Activity: 7.4 (prev. -25.8)

• Regional General Activity: 7.4 (prev. -25.8)
• Firm-Level General Activity: 17.5 (prev. 2.4)
• New Orders: 12.5 (prev. -0.7)
• Sales/Revenues: 23.5 (prev. 19.6)
• Unfilled Orders: 5.7 (prev. 1.0)
• Inventories: -3.8 (prev. -1.2)
• Prices Paid: 28.2 (prev. 25.8)
• Prices Received: 18.4 (prev. 20.2)
• Full-Time Employment: 12.4 (prev. -4.8)
• Part-Time Employment: 12.1 (prev. 0.1)
• Average Employee Workweek: 10.8 (prev. 0.3)
• Wage & Benefit Costs: 37.1 (prev. 39.7)
• Capital Expenditures – Physical Plant: 14.1 (prev. 4.9)
• Capital Expenditures – Equipment & Software: 30.8 (prev. 15.0)

• Future Firm-Level General Activity: 41.9 (prev. -0.3)
• Future Regional General Activity: 15.7 (prev. -10.5)

The Philly Fed Nonmanufacturing Business Outlook Survey for July shows a significant rebound in regional general activity, jumping to 7.4 from a prior -25.8. This turnaround, alongside improvements in new orders and employment metrics, suggests strengthening economic conditions, which may have implications for the Federal Reserve's policy outlook and overall market sentiment.