The Nonmanufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Tuesday, showed the region's business activity in the non-manufacturing sector continued to grow in early July, albeit at a slower pace than in June.

According to the survey, the regional activity index came in at 44.8, down from 56.7 in June.

A reading above 0 signals expansion, while a reading below 0 indicates contraction.

According to the report, the new orders index rose 4.4 points to a reading of 31.8 in July, remaining positive for the seventh straight month, while the sales/revenues index edged down 1.4 points to 39.6. At the same, the full-time employment index more than recovered its drop from June, jumping 20.5 points to 24.8 in July. Similarly, the part-time employment index rose 8.3 points to 9.6, and the average workweek index went up 4.7 points to 25.4. On the price front, the prices paid index increased 5.8 points to 54.8, while the prices received index edged up 0.6 point to 29.5.