“Service sector activity was mixed in August,” according to the Federal Reserve Bank of Richmond service-sector activity survey released yesterday,
“Mild growth in revenues at services-providing firms partly offset a sharp drop in retail sales. Merchants’ sales revenues continued to be hampered by falling big-ticket sales; meanwhile, retailers continued to pare back inventories in August.
“In addition, shopper traffic declined. Despite weak results in August, survey respondents at retail and services establishments were upbeat about improving sales potential for the six months ahead.”
