Richmond Fed: Service Sector Was Mixed in May

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.

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