- Philadelphia Services Employment Index: 📉

- Declined by 10.0 points to -14.9 in August.

- Lowest level since May 2020.

- Marks the second consecutive month of negative readings.

- Full-Time Job Reductions: 🔽

- 27.3% of respondents reported decreases in full-time jobs.

- Highest share since May 2020.

- Non-Manufacturers' Business Activity: 📊

- General assessment plummeted to -25.1 points.

- Lowest level since December 2020.

Overall: The labor market shows significant cracks, with troubling declines in employment and business activity.