The Philly Fed released its latest non-manufacturing survey earlier today and most of the numbers weren’t headline grabbing. The main index was strong with a rise to +8.3 from -10.0 but there was a sharp break lower in full-time employment, particularly in firms that were planning to cut full time employment.

The drop raises some questions about the strength of the jobs market ahead of next week’s non-farm payrolls report.

Other highlights:

• New orders index nearly flat at -0.3
• Sales/revenues index rebounded to 6.8
• Full-time employment index fell to -14.9, lowest since May 2020
• Prices paid index steady at 30.0
• Firms expect 2.0% increase in own prices over next year
• Future activity index at firm level positive but declined to 19.4

Full report

This article was written by Adam Button at www.forexlive.com.