Service sector activity "continued to improve in March," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slid to 9 from 15, while the number of employees index rose to 17 from 7, the average wage index gained to 23 from 14, and the expected product demand during the next six months index fell to 34 from 51.
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 crept to 13 from 12, the number of employees index grew to 16 from 1, while the average wages index gained to 38 from 26. The inventories index rose to 29 from 11, while the big-ticket sales index slid to 14 from 29. The shopper traffic index rebounded to positive 18 from negative 7, while expected product demand during the next six months fell to 59 from 69.
For services firms excluding retail, the revenues index was 8 compared with 16 last month, while the number of employees index increased to 17 from 7, and the average wage index gained to 21 from 12. The expected product demand during the next six months index slumped to 29 from 49.
The current price trend for the two sectors together rose to 1.50 from 1.49, while declining to 2.50 from 2.82 for retail alone and holding at 1.32 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.87 in March from 1.95 in February, while falling to 2.92 from 3.45 for retail alone and slowing to 1.67 from 1.75 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.
