Service sector activity "softened in June compared to the previous month," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index fell to zero from 11, while the number of employees index held at 18, the average wage index increased to 25 from 17, and the expected product demand during the next six months index fell to 13 from 18.
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 dropped to negative 12 from positive 1, the number of employees index soared to positive 31 from negative 3, while the average wages index slumped to 9 from 13. The inventories index plunged to negative 1 from positive 54, while the big-ticket sales index reversed to positive 8 from negative 9. The shopper traffic index fell to 4 from 28, while expected product demand during the next six months gained to 6 from 4.
For services firms excluding retail, the revenues index was 1 compared with 12 last month, while the number of employees index slid to 16 from 21, and the average wage index increased to 27 from 17. The expected product demand during the next six months index decreased to 14 from 19.
The current price trend for the two sectors together fell to 1.40 from 1.49, while gaining to 1.82 from 1.39 for retail alone and slipping to 1.36 from 1.50 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.46 in June from 1.80 in May, while slipping to 1.56 from 1.72 for retail alone and falling to 1.45 from 1.81 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.
