Nonmanufacturing Business Outlook Survey
December 2021
Note: Survey responses were collected from December 6 to December 16.
Responses to the December Nonmanufacturing Business Outlook Survey suggest
continued growth in business activity in the region. The indicators for firm-
level general activity and sales/revenues both declined moderately from last
month, while the indicator for new orders increased slightly. The survey's
indexes for employment decreased. Overall, the respondents continued to expect
improvement in conditions over the next six months, but both future activity
indexes fell.
Current Indicators Moderate but Remain Positive
The diffusion index for current general activity at the firm level declined 16
points to 30.6 in December after rising 13 points last month. More than 46
percent of the responding firms reported increases in general activity (down
from 55 percent), while 16 percent of the firms reported decreases (up from 8
percent). The new orders index increased 2 points to 21.0 in December. The
sales/revenues index fell from 44.4 in November to 30.3 in December. The share
of firms reporting increases in sales/revenues (49 percent) exceeded the share
reporting decreases (19 percent); nearly 31 percent reported no change (up from
15 percent last month). The current regional activity index decreased 18 points
to 28.3 in December.
Employment Indicators Decline
The firms continued to report overall increases in full-time and part-time
employment this month, but both indexes posted small declines. The full-time
employment index edged down 1 point to 14.4. Of the firms responding, 23 percent
reported increases in full-time employment, while 8 percent reported decreases.
Most firms (64 percent) reported stable full-time employment. The part-time
employment index fell 5 points to 8.5. Most firms reported steady part-time
employment (63 percent), while 17 percent of the firms reported increases and 9
percent reported decreases.
Price Increases Remain Widespread
The prices paid index remained elevated but declined 13 points this month to
51.5. More than 54 percent of the firms reported increases, 3 percent reported
decreases, and 26 percent of the firms reported stable input prices. Regarding
prices for the firms' own goods and services, the prices received index fell 4
points to 33.6 in December. Almost 34 percent of the firms reported increases in
prices received, while no firms reported decreases. Nearly 51 percent of the
firms reported no change in prices for their own goods and services.
Firms Report Higher Sales/Revenues and Labor Issues
In this month's special questions, the firms were asked to estimate their total
sales/revenues growth for the fourth quarter ending this month compared with the
third quarter of 2021 (see Special Questions). The share of firms reporting
expected increases in fourth quarter sales/revenues (54 percent) was greater
than the share reporting decreases (14 percent), with a median response of an
increase of 0 to 5 percent. Among the factors constraining current business
operations, 50 percent of the firms reported labor issues, 40 percent reported
supply chain issues, and 33 percent reported COVID-19 mitigation measures.
Future Indicators Remain Positive
Both future activity indexes declined but continue to suggest that the
respondents expect overall improvement in nonmanufacturing activity over the
next six months. The diffusion index for future activity at the firm level fell
12 points to 54.6 this month, reversing its improvement last month. Nearly 63
percent of the firms expect an increase in activity at their firms over the next
six months, compared with 8 percent that expect decreases. The future regional
activity index fell 13 points to 41.5.
Summary
Responses to this month's Nonmanufacturing Business Outlook Survey suggest
continued growth in nonmanufacturing activity in the region. The indicators
for current general activity and sales/revenues declined but remained positive.
The full-time and part-time employment indexes decreased slightly, and the
prices paid and prices received indexes remain at high levels. The future
activity indexes suggest that respondents expect improvement at their firms and
in the region over the next six months.
Special Questions (December 2021)
1. How will your firm's total sales/revenues for the fourth quarter of 2021
compare with those of the third quarter?
% of firms
An increase of:
20% or more 7.9
15–20% 4.8
10–15% 4.8
5–10% 11.1
0–5% 25.4
Subtotal 54.0
No change 31.8
A decline of:
0–5% 3.2
5–10% 6.4
10–15% 0.0
15–20% 3.2
20% or more 1.6
Subtotal 14.4
2. Have any of the factors below acted as constraints on business operations
this quarter?*
% of reporters
Labor issues 50.0
Supply chain issues 39.5
COVID-19 mitigation measures 32.9
(e.g., reduced operations,
distancing)
Other factors 7.9
*Percentages will not add to 100 because more than one factor could be selected.
Nonmanufacturing Business Outlook Survey
December 2021
December vs. November
Previous
Diffusion No Diffusion
Index Increase Change Decrease Index
General Activity 46.1 40.7 46.0 12.5 28.3
- in Region
General Activity 47.0 46.4 33.4 15.8 30.6
- at Firm
New Orders 19.2 34.5 26.1 13.5 21.0
Sales/Revenues 44.4 49.1 30.9 18.9 30.3
Unfilled Orders 11.9 16.2 23.2 2.4 13.8
Inventories -9.2 10.9 13.5 9.6 1.3
Prices Paid 64.6 54.8 25.9 3.3 51.5
Prices Received 37.1 33.6 50.9 0.0 33.6
Full-Time Emp. 15.2 22.8 64.1 8.3 14.4
Part-Time Emp. 13.2 17.3 62.5 8.8 8.5
Avg. Emp. Wrkwk. 28.1 21.5 65.7 7.3 14.2
Wage and Ben. 60.0 59.5 34.7 0.0 59.5
Cap. Ex. - Plant 22.8 21.6 47.7 1.7 19.9
Cap. Ex. - Equip. 43.6 21.9 59.4 3.9 18.0
Six Months from Now vs. December
`
Future Activity 54.9 52.8 30.3 11.3 41.5
- in Region
Future Activity 66.7 62.8 27.1 8.2 54.6
- at Firm
Notes:
(1) Diffusion indexes represent the percentage indicating
an increase minus the percentage indicating a decrease.
(2) All data are seasonally adjusted.
(3) Percentages may not sum to 100 percent because of rounding,
omission by respondents, or both.
(4) Survey results reflect information received through
December 16, 2021.
Federal Reserve Bank of Philadelphia
Nonmanufacturing Business Outlook Survey
Released: December 21, 2021, at 8:30 a.m. ET.
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