HOUSTON, Dec. 21 (Xinhua) -- Business activities in the non-manufacturing sector in some eastern U.S. states showed slower growth in December, a report by the Federal Reserve Bank of Philadelphia showed on Friday.
The December Nonmanufacturing Business Outlook Survey, conducted by the Federal Reserve Bank of Philadelphia, found that nonmanufacturing activity decelerated this month.
The diffusion index for current general activity at the firm level fell sharply from 42.4 in November to 3.0 in December, its lowest reading since February 2014. The share of firms reporting increases in activity fell from 55 percent last month to 31 percent this month.
The sales/revenues index fell from 48.9 in November to 13.4 in December. Nearly 36 percent of the responding firms reported increases in sales/revenues, while 22 percent reported decreases.
The full-time employment index edged down from 10.3 in November to 9.6 in December.
The prices paid index fell 19 points to 18.3. While the majority of firms reported stable input prices, the share of firms reporting increases in input prices fell from 38 percent to 21 percent.
The diffusion index for future activity at the firm level fell from 53.6 to 37.5. Nearly 50 percent of the firms expect an increase in activity at their firms over the next six months, compared with 12 percent that expect a decline.
The Non-manufacturing Business Outlook Survey is a monthly survey of non-manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.
The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.
