08:40 AM EDT, 03/24/2026 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index fell to minus 23.9 in March from minus 17.3 in the previous month, compared with expectations for an increase to a minus 15.7 reading in a survey compiled by Bloomberg as of 7:35 am ET.

The index suggests faster contraction in the sector while the New York Federal Reserve's services measure released on March 17 indicated a modest pace of contraction.

The readings for prices and employment both decreased in the month, while the new orders and sales index increased.

The six-month outlooks at both the regional and firm levels declined, with 31.2% of respondents expecting expansion in the region over the next six months compared with 32.8% that expect contraction.