Service-sector activity “remained generally soft in May, although employment picked up,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slumped to negative 2 in May from zero in April, while the number of employees index grew to 10 from zero, the average wage index slid to 14 from 10, and the expected product demand during the next six months index fell to 18 from 26.
The indexes are the percentage of responding firms reporting an increase, less the percentage reporting a decrease.
