The Philadelphia Fed’s August Nonmanufacturing Business Outlook Survey showed firm-level activity rising to 24.6 (from 10.2 in July), its highest since March 2022, signaling stronger expansion despite weaker employment.

• The New Orders Index climbed to 21.5 (from 9.7), while Sales/Revenues rose to 17.5 (from 11.8), both at their strongest levels in nearly three years.

• Regional activity fell to -17.5 (from -10.3), highlighting divergence between local conditions and firm-level performance.

• Full-time employment dropped to -3.8 (from 4.1) and part-time slipped to -2.8 (from -1.4), showing labor softness even as the average workweek rose to 17.3 (from 12.5).

• Prices Paid surged to 43.2 (from 32.5), and Prices Received increased to 20.1 (from 12.4), indicating elevated cost pressures and stronger pricing power.

• Future firm-level activity expectations rose to 21.2 (from 11.7), while regional expectations turned positive at 1.3 (from -3.9), suggesting broader optimism ahead.