Service sector activity "increased" in November, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index dipped to 25 from 27, while the number of employees index increased to 24 from 14, the average wage index gained to 22 from 18, and the expected product demand during the next six months index rose to 28 from 27.
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 surged to 37 from 21, the number of employees index doubled to 28 from 14, while the average wages index declined to 24 from 32. The inventories index fell to negative 3 from positive 1, while the big-ticket sales index jumped to 19 from 7. The shopper traffic index decreased to 16 from 24, while expected product demand during the next six months soared to 39 from 11.
For services firms excluding retail, the revenues index was 23 compared with 28 last month, while the number of employees index increased to 24 from 15, and the average wage index grew to 22 from 16. The expected product demand during the next six months index slid to 26 from 30.
The current price trend for the two sectors together grew to 1.62 from 1.61, while falling to 1.90 from 2.05 for retail alone and climbing to 1.57 from 1.52 for services, excluding retail.
The expected price trend index for the two sectors together grew to 1.99 in November from 1.82 in October, while rising to 1.99 from 1.93 for retail alone and climbing to 1.99 from 1.80 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.
