According to the Federal Reserve Bank of Philadelphia’s November Nonmanufacturing Business Outlook Survey, business activity continued to expand at a modest pace in the region that includes South Jersey.The survey suggests that business activity continued to expand at a modest pace, while its firm-level indicator of general activity remained steady. It also indicated that the indexes for new orders and sales and revenues increased.
Employment indexes also imply expansion in employment for both full-time and part-time employees. Expectations for growth over the next six months are optimistic.
According to the survey, almost 41 percent of the firms reported an increase in activity at their business. Despite this optimism, firms also signaled a weakening in their perception of current regional economic activity.
The report indicated that the regional activity index fell nearly 11 points, to 10.6, after averaging 19 points over the previous six months.
Conversely, the sales and revenues index increased 11 points, to 17.2. Thirty-nine percent of the firms indicated an increase in sales/revenues in November, compared with 32 percent last month.