Service sector activity "grew generally on pace with a month ago," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slipped to 8 in November, from 9 in October, while the number of employees index increased to 20 from 9, the average wage index dropped to 8 from 12, and the expected product demand during the next six months index surged to 13 from 4.
The indexes are the percentage of responding firms reporting increase, less the percentage reporting a decrease.
By sector, the retail area excluding services firms reported the sales revenues index soared to positive 33 from negative 5 in October, the number of employees index jumped to 25 from 4, while the average wages index surged to 29 from 11. The inventories index rose to 20 from zero, while the big-ticket sales index increased to positive 31 from negative 21. The shopper traffic index doubled to 26 from 13, while expected product demand during the next six months reversed to positive 4 from negative 5.
For services firms excluding retail, the revenues index was 1 compared with 10 last month, while the number of employees index rose to 18 from 9, and the average wage index slid to 3 from 11. The expected product demand during the next six months index increased to 17 from 4.
The current price trend for the two sectors together slid to 1.05 from 1.47, while falling to 1.09 from 1.28 for retail alone and dropping to 1.02 from 1.53 for services, excluding retail.
The expected price trend index for the two sectors together fell to 1.65 in November from 1.74 in October, while increasing to 2.42 from 1.73 for retail alone and slipping to 1.55 from 1.75 for services, excluding retail.
All firms surveyed are located within the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
