Service sector activity "increased moderately in July," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index grew to 8 from 2, while the number of employees index slid to 12 from 17, the average wage index decreased to 16 from 24, and the expected product demand during the next six months index grew to 32 from 25.
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 gained to positive 14 from negative 4, the number of employees index slumped to 8 from 28, while the average wages index rose to 27 from 13. The inventories index surged to 48 from 6, while the big-ticket sales index inched up to 9 from 8. The shopper traffic index increased to 19 from 11, while expected product demand during the next six months slid to 25 from 34.
For services firms excluding retail, the revenues index was 7 compared with 3 last month, while the number of employees index slid to 13 from 17, and the average wage index decreased to 14 from 25. The expected product demand during the next six months index increased to 33 from 24.
The current price trend for the two sectors together fell to 1.23 from 1.40, while gaining to 1.84 from 1.80 for retail alone and slipping to 1.12 from 1.36 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.72 in July from 1.46 in June, while slipping to 1.60 from 1.81 for retail alone and growing to 1.73 from 1.42 from 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.
