Philly Fed: Nonmanufacturing Index rises to 41.1, highest reading in more than 3 years

"Responses to the Nonmanufacturing Business Outlook Survey suggest that regional nonmanufacturing activity continued to expand in August," the Federal Reserve Bank of Philadelphia reported on Tuesday.

Key highlights

• The diffusion index for current general activity at the firm level increased 6 points to 41.1, its highest reading since June 2015.
• The new orders index fell for the third consecutive month, to 29.0, but remained above its historical average.
• Almost 55 percent of the firms reported increases in sales/revenues, while 14 percent reported declines.
• The full-time employment index edged up from 29.5 in July to 32.2 in August, marking an increase for the third consecutive month.
• The prices paid index fell 1 point to 27.4.