Philly Fed finds positive attitudes about nonmanufacturing industry

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Nonmanufacturing activity for the region that includes South Jersey remained positive in March, although gains were less than those posted in February, according to the Federal Reserve Bank of Philadelphia.The Fed said in its monthly Nonmanufacturing Business Outlook Survey that its index of current general activity at the firm level fell from February’s level, but stayed in positive territory. The index did, however, slip to its lowest level since July, the Fed said.

On the upside, the index for sales and revenue rose in March, along with the new orders index and the unfilled orders index.

However, the full-time employment index fell to its lowest reading in July, although it stayed in positive territory. The part-time employment index also fell, while the workweek index and wages and benefits index saw declines, too.

Other indicators were a mixed bag, with the prices paid index slipping while the index for physical plant spending rose.

Finally, the Fed said firms responding did remain optimistic about the future, as the firm-level index for the next six months was up from February, as was the regional index.