08:38 AM EDT, 06/25/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rebounded to 2.9 in June from minus 0.6 in the previous month, indicating a return to expansion in the sector.

The readings for new orders, employment and sales all increased in the month, while the prices paid index decreased but remained elevated.

The six-month outlooks at both the regional and firm levels increased, with 57.6% of respondents expecting expansion in the region over the next six months compared with 12.9% that expect contraction.