Service sector activity "improved in September," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index rose to 13 from 0, while the number of employees index fell to 6 from 13, the average wage index increased to 33 from 18, and the expected product demand during the next six months index jumped to 33 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 soared to positive 13 from negative 26, the number of employees index declined to negative 2 from positive 13, while the average wages index grew to 34 from 28. The inventories index plunged to negative 1 from positive 19, while the big-ticket sales index inched up to negative 9 from negative 10. The shopper traffic index increased to positive 11 from negative 4, while expected product demand during the next six months grew to 58 from 57.
For services firms excluding retail, the revenues index was 13 compared with 4 last month, while the number of employees index dropped to 7 from 13, and the average wage index surged to 33 from 17. The expected product demand during the next six months index climbed to 30 from 22.
The current price trend for the two sectors together held at 1.23, while gaining to 1.42 from 1.35 for retail alone and slowing to 1.20 from 1.22 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.57 in September from 1.56 in August, while slipping to 1.38 from 1.70 for retail alone and rising to 1.60 from 1.54 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.
