08:41 AM EST, 12/24/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index fell to minus 6.0 in December from minus 5.9 in the previous month, indicating further contraction in the sector.

The index is in line with the New York Federal Reserve's services measure but in contrast with the Kansas Fed and the S&P Global Flash estimates that suggested expansion.

The readings for new orders, sales and employment all decreased in the month, though only the reading for new orders was below the breakeven point. The reading for prices paid increased further into expansionary territory.

The six-month outlooks rose at the regional level but declined at the firm level, with 57.4% of respondents expecting expansion in the region over the next six months, compared with only 8.6% that expect contraction.