Philly Fed Nonmanufacturing Business Outlook Survey (July 2026): Regional General Activity: 7.4 (prev. -25.8)
Current Indicators
- 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)
Forward-Looking Indicators
- Future Firm-Level General Activity: 41.9 (prev. -0.3)
- Future Regional General Activity: 15.7 (prev. -10.5)
Context
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.
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