The service sector “was mixed in May,” according to the Federal Reserve Bank of Richmond service-sector activity survey.
“Retail sales flattened, even though big-ticket sales declined more slowly than a month ago and retail inventories fell. Shopper traffic also tapered off. In contrast, revenues picked up at non-retail services firms,” the survey said.
The indexes are the percentage of responding firms reporting an increase, less the percentage reporting a decrease.
Overall, the service sector revenues index dipped to 8 in May from 9 in April, while the number of employees index gained to 10 from 8, the average wage index rose to 8 from 6, and the expected product demand during the next six months slipped to 26 from 29.