The Philadelphia Federal Reserve's July non-manufacturing activity index came in at 7.4, turning positive for the first time since October 2024. Business activity rose to 17.5 and new orders to 12.5, improving from 2.4 and minus 0.7 respectively in the prior month, while sales revenue climbed to 23.5. Full-time employment reached 12.4, the highest since January 2024, and the average workweek rose to 10.8, suggesting an increase in new hiring. Following these results, expectations are building for a strong reading in the national ISM non-manufacturing index due on August 5.