Richmond Fed: Retail Sales Slide Further

“District retail sales weakened further on the eve of the holiday sales season, while revenues at services-providing firms grew moderately,” according to the Federal Reserve Bank of Richmond service-sector activity survey released yesterday.Overall, the service sector revenues index fell to negative 2 in November from positive 4 in October, while the number of employees index remained negative 3, the average wage index stayed at 17, and the product demand during the next six months index inched up to 20 from 18.