The Philadelphia Fed Nonmanufacturing Business Outlook Survey showed continued weakness in June, with the General Activity Index at the firm level declining to -17.3 (from -16.3), while the regional index rose 16 pts to -25.0, remaining in negative territory.

• The New Orders Index dropped -3.8 pts to -20.1, while the Sales/Revenues Index turned positive, rising 8.9 pts to 3.4.
• Full-time employment slipped to -2.1 (from +11.3), though part-time employment edged up to 0.1 and the average workweek rose to 9.0 (from -4.8).

• Prices Paid held steady at 29.7, near the long-run average; Prices Received eased to 2.2, with most firms reporting no change.
• Capital expenditures improved: equipment/software rose to 17.3 and physical plant spending turned positive at 6.5.

• Over 45% of firms expect higher Q2 sales vs. Q1; uncertainty (88%) and supply chains (52%) were widely cited as business constraints.