The Philly Fed’s latest non-manufacturing survey reveals a concerning trend: the employment index has plunged to its lowest level since the pandemic’s onset.
While the overall non-manufacturing index showed a robust recovery, climbing to +8.3 from a previous -10.0, the sharp decline in full-time employment raises red flags.
Particularly troubling is the dip among firms planning to cut full-time jobs, signaling potential cracks in what many hoped was a solid employment foundation.
This drop adds an element of uncertainty to the upcoming non-farm payrolls report, leaving economists and business leaders alike wondering if this is a mere blip or a sign of deeper issues in the labor market.
As the numbers unfold, the business community watches closely, hoping that this downturn doesn’t foreshadow broader economic challenges.
The Philly Fed’s survey, though not always a headline grabber, serves as a subtle yet potent reminder that the road to recovery is rarely a straight line.
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