Nonmanufacturing sectors in the region continued to grow in October, according to firms responding to this month’s Philadelphia Federal Reserve Nonmanufacturing Business Outlook Survey.
The survey shows general activity, new orders and sales or revenues improved over last month’s readings. Responding firms also continue to be optimistic about activity over the next six months.
Firms are hiring full-time and part-time workers, reporting increases in prices for goods and services, and have slowed (but remain positive) about capital expenditure growth. The full report is here: http://www.philadelphiafed.org/research-and-data/regional-economy/nonmanufacturing-business-outlook-survey/2014/nbos1014.cfm
Business outlook surveys are only one point the Fed views as it considers raising interest rates. Jonathan Spicer of Reuters calls Philadelphia Fed President Charles Plosser and Richard Fisher of the Dallas Fed both “hawkish officials growing anxious to raise rates.”
Reuters reports the Fed will issue a policy statement at 2 p.m. on Wednesday, Oct. 29 but will likely reinforce its stated willingness to wait a long while before hiking interest rates.
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Top Photo Credit: Beyound My Ken via cc
