Philly Fed non-manufacturing index -32.5 vs -13.1

This is the lowest reading since May 2020

• General activity index: -17.5 vs -12.9 prior
• New orders index: -19.5 vs -1.3 prior -- lowest since April 2023
• Full-time employment index: -7.5 vs 2.5 prior
• Prices paid index: 36.0 vs 23.4 prior
• Regional activity index: -32.5 vs -13.1 prior

The six month index fell to -19.8 from +13.8 in the first negative reading since April 2020.

Firms are becoming more cautious with spending:

• 30% expect lower total capital spending in 2025 vs. 2024
• 25% plan higher spending
• 45% anticipate unchanged spending levels