08:40 AM EST, 01/21/2025 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index fell to minus 9.1 in January from minus 3.4 in the previous month.

The index suggests further contraction in the sector, which is in line with the New York Federal Reserve's services measure released on Jan 16.

The readings for sales, prices and employment all decreased in the month but remained above the breakeven point, while the new orders index returned to positive territory.

The six-month outlooks at both the regional and firm levels declined, though 45% of respondents still expect expansion in the region over the next six months, compared with only 18.8% that expect contraction.