Philadelphia Fed non-manufacturing business index for March -18.3 versus -8.8 last month


Philly March 2024 Nonmanufacturing Business Outlook Survey

  • Prior was -8.8
  • New orders -3.4 vs -4.7 prior
  • Prices paid 26.6 vs 30.3 prior
  • Employees +3.5 vs +9.1 prior

A special question in the Philly Fed survey shows 22.4% of firms expecting a 10% or more decline in revenue in Q1 vs Q4 2023. That’s ugly.



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