Service sector activity "remained flat overall" in January, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index climbed to zero in January, from negative 4 in December, while the number of employees index decreased to negative 2 from positive 1, the average wage index surged to positive 8 from negative 3, and the expected product demand during the next six months index grew to 6 from 1.
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 reversed to positive 18 from negative 15, the number of employees index jumped to 7 from 1, while the average wages index held at 4. The inventories index gained to 10 from 7, while the big-ticket sales index plunged to negative 3 from positive 21. The shopper traffic index surged to positive 20 from negative 6, while expected product demand during the next six months soared to 17 from 4.
For services firms excluding retail, the revenues index was 1 compared with 1 last month, while the number of employees index fell to negative 4 from positive 5, and the average wage index rebounded to positive 8 from negative 2. The expected product demand during the next six months index remained at 5.
The current price trend for the two sectors together slid to 1.03 from 1.37, while slowing to 1.47 from 1.52 for retail alone and dropping to 0.87 from 1.27 for services, excluding retail.
The expected price trend index for the two sectors together fell to 1.20 in January from 1.44 in December, while decreasing to 2.18 from 2.59 for retail alone and slipping to 1.02 from 1.29 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.
