Philly Fed October non-manufactuing index -20.3 vs -16.6 prior

• Firm-level business activity -4.9 vs -5.5 prior
• New orders -16.1 vs -9.2 prior
• Full-time employment +8.2 vs +6.4 prior
• Wage and benefit cost index +34.2 vs +40.3 prior

There are signs of slowing here but it's a low-tier survey.