Service sector activity "continued to grow at a healthy pace in August," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slid to 30 from 32, while the number of employees index increased to 18 from 12, the average wage index rose to 26 from 25, and the expected product demand during the next six months index grew to 32 from 30.
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 climbed to 44 from 35, the number of employees index fell to 5 from 10, while the average wages index rose to 30 from 20. The inventories index decreased to 12 from 15, while the big-ticket sales index dropped to 1 from 19. The shopper traffic index grew to 54 from 48, while expected product demand during the next six months surged to 45 from 27.
For services firms excluding retail, the revenues index was 28 compared with 32 last month, while the number of employees index increased to 20 from 12, and the average wage index held at 26. The expected product demand during the next six months index remained 31.
The current price trend for the two sectors together gained to 1.53 from 1.26, while growing to 1.98 from 1.48 for retail alone and climbing to 1.49 from 1.23 for services, excluding retail.
The expected price trend index for the two sectors together rose to 1.85 in August from 1.42 in July, while growing to 2.24 from 1.32 for retail alone and rising to 1.81 from 1.44 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.
