The unadvertised Philly Fed services index for February 2017
Firm level activity 38.0 vs 33.3 prior
New orders 25.3 vs 28.9 prior
Employment 12.4 vs 19.5 prior
Wage and benefit costs 26.7 vs 40.8 prior
Softer numbers from the services side of the survey. Employment isn't such an issue but the Fed would be looking at the wage component.
