08:38 AM EDT, 04/23/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to minus 12.4 in April from minus 18.3 in the previous month, indicating a slower pace of contraction in the sector.

The readings for new orders, sales, prices and employment all increased in the month.

The six-month outlooks at both the regional and firm levels increased, with 40.3% of respondents expecting expansion in the region over the next six months compared with 29.4% that expect contraction.