The April 2026 Philadelphia Fed Non-Manufacturing Business Outlook Survey (NBOS) is scheduled for release on Tuesday, April 21, 2026, at 8:30 a.m. ET.
The most recent data available (from the March 2024 report) shows a significant downturn in regional non-manufacturing activity:
- General Business Activity: The firm-level diffusion index plunged to -8.3 in March from 5.8 in February.
- Employment: Both full-time (-11.3) and part-time (-7.2) employment indexes turned negative, hitting their lowest levels in months.
- New Orders: Remained in negative territory at -4.7, despite a slight 5-point rise from the previous month.
- Price Pressures: Price indexes for both inputs (prices paid: 39.1) and outputs (prices received: 9.3) continued to indicate overall increases, though the rates of increase slowed.
- Future Outlook: The future firm-level general activity index dropped 19 points to 12.5, reflecting less widespread expectations for growth over the next six months.
In contrast, the related Manufacturing survey for April 2026 showed unexpected growth, with its general activity index rising to 26.7.
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