08:44 AM EDT, 09/24/2024 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to minus 6.1 in September from minus 25.1 in the previous month, compared with expectations for a smaller increase to a reading of minus 9.3 in a survey compiled by Bloomberg as of 7:30 am ET.

The index indicates a slower pace of contraction in the sector after gains in the New York Federal Reserve's services measure and the S&P Global Flash estimate that signaled expansion.

The sales index expanded, while the employment index increased to a flat reading. The reading for new orders decreased further into negative territory while the prices reading declined but remained above the breakeven point.

The six-month outlooks at both the regional and firm levels increased, with 45% of respondents expecting expansion in the region over the next six months compared with 21.2% that expect contraction.