08:37 AM EDT, 07/23/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index sharply declined to minus 19.1 in July from 2.9 in the previous month, indicating contraction in the sector.

The readings for new orders, sales and employment all decreased in the month back below the breakeven point while the prices paid index increased.

The six-month outlooks at both the regional and firm levels decreased but still point to growth, with 41.5% of respondents expecting expansion in the region over the next six months compared with 21.7% that expect contraction.