HOUSTON, May 22 (Xinhua) -- A monthly survey found that the business activities in the non-manufacturing sector in some eastern U.S. states continued to grow in May, according to a Tuesday report by the Federal Reserve Bank of Philadelphia.
The May Nonmanufacturing Business Outlook Survey, conducted by the Federal Reserve Bank of Philadelphia, found that the regional activity index, a key index of the survey, rose 18 points to 45.3, its highest reading since June 2015.
The indicators for new orders and sales/revenues rose sharply this month, as fewer firms reported decreases in each measure in May from April. The sales/revenues index increased after two consecutive months of declines, rising from 13.5 in April to 33.7 in May.
The respondents continued to expect growth in non-manufacturing activity over the next six months.
The Non-manufacturing Business Outlook Survey is a monthly survey of non-manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware.
The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.
