08:46 AM EDT, 10/22/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rebounded to 6.0 in October from minus 6.1 in the previous month, compared with expectations for a smaller increase to a reading of 4.1 in a survey compiled by Bloomberg as of 7:35 am ET.

The index indicates expansion in the sector which is in contrast with the New York Federal Reserve's services measure that signaled contraction.

The readings for new orders, prices, employment and sales all increased but the month.

The six-month outlooks at both the regional and firm levels increased, with 46.1% of respondents expecting expansion in the region over the next six months compared with 21.7% that expect contraction.