Philly Fed April non-manufacturing index -12.4 vs -18.3 prior

• Prior was -18.3
• Firm-level activity +18.4 vs -2.3 prior
• New orders +6.5 vs -3.9 prior
• Employment +11.0 vs +3.5 prior
• Wage and benefit cost index +27.4 vs +35.3

This is a low-tier indicator but it