08:41 AM EDT, 08/20/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index declined to minus 25.1 in August from minus 19.1 in the previous month, indicating a faster pace of contraction in the sector.

The reading for employment fell further into negative territory, while readings for new orders and the sales index increased, though new orders remained below the breakeven point.

The six-month outlooks at both the regional and firm levels decreased. At the regional level, the index turned negative, falling to minus 9.0 from 19.7, with 31.5% of respondents expecting expansion in the region over the next six months compared with 40.5% that expect contraction.