“Activity in the service sector was mixed in February, as the retail segment remained weak while activity at services firms strengthened,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released yesterday.
“Retail sales pulled back sharply for a second month behind continued weakness in big-ticket categories. Shopper traffic also dropped off, and retailers reduced their inventories further,” the survey said. “In contrast, revenues at services-providing firms rebounded in February. Looking ahead six months, survey respondents were more optimistic about their business prospects.”