US: Philly Fed Nonmanufacturing Index declines from 16.1 in August to 8 September

• Philly Fed Nonmanufacturing Index edged lower in September.
• US Dollar Index clings to modest daily gains above 93.60.

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Outlook Survey dropped to 8 in September from 16.1 in August, the monthly data showed on Tuesday.

Key takeaways

"Wage and Benefit Cost Index dropped to 13.1 in September from 4.6 in August."

"Firm-level Business Activity Index edged lower to 20.4 in September from 17.9 August."

"New Orders Index fell to 8.5 in September from 11.6 in August."

"Full-time Employment Index improved to 5.1 in September from -3.0 in August."

Market reaction

The US Dollar Index showed no significant reaction to this data and was last seen gaining 0.12% on the day at 93.66.