The regional non-manufacturing survey from the Philly Fed

  • Firm-level business activity 16.4 vs 24.7 prior
  • New orders 16.5 vs 11.4 prior
  • Full-time employment 21.5 vs 17.3 prior
  • Wage and benefit cost 43.4 vs 40.1 prior

It's a low-level indicator. While the headline was soft, the underlying numbers were stronger.