The Philadelphia Fed’s Nonmanufacturing Business Outlook Survey showed a return to expansion in July 2025, with the General Activity Index at the firm level rising to 10.2 from -17.3—the first positive reading since January.

• New Orders Index jumped to 9.7 (from -20.1), and Sales/Revenues rose to 11.8 (from 3.4), both at their highest levels since October.
• Full-time employment turned positive at 4.1 (from -2.1), though part-time employment dipped slightly to -1.4.

• Prices Paid increased to 32.5 (from 29.7), while Prices Received rose to 12.4, just below the long-run average.
• The average workweek rose to 12.5, and wage & benefit cost expectations remained elevated, with firms anticipating a 2–3% median increase in wages.
• Firms continue to expect moderate growth ahead: the Future Activity Index at the firm level eased slightly to 11.7, with 39% of respondents expecting higher activity over the next six months.