Richmond Fed: Service Sector Activity Rose Moderately

Service sector activity "strengthened in January," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the service sector revenues index soared to 14 from 3, while the number of employees index decreased to 14 from 16, the average wage index rose to 24 from 22, and the expected product demand during the next six months index grew to 17 from 13.

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 jumped to 25 from 10, the number of employees index grew to 20 from 14, while the average wages index gained to 13 from 9. The inventories index rose to positive 18 from negative 34, while the big-ticket sales index surged to positive 18 from negative 24. The shopper traffic index increased to 17 from zero, while expected product demand during the next six months reversed to positive 9 from negative 9.

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