US: Philly Fed Nonmanufacturing Index drops to -0.2, first negative reading in more than 7 years

"The diffusion index for current general activity at the firm level fell from a revised reading of 6.4 in December to -0.2 in January," the Federal Reserve Bank of Philadelphia said in its latest Nonmanufacturing Business Outlook Survey on Tuesday. "This is its first negative reading since October 2011; the index has fallen 41 points since November."

Key takeaways from the press release

• The new orders index fell 21 points to -3.1, its first negative reading since February 2013.
• The sales/revenues index fell 12 points to 3.9 in January. 
• The full-time employment index fell slightly from a revised reading of 11.8 in December to 9.4 in January. 
• The prices paid index rose 5 points to 26.3.