Service sector activity "slowed in March compared to a month earlier," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slipped to 12 from 18, while the number of employees index increased to 6 from 4, the average wage index slid to 18 from 20, and the expected product demand during the next six months index fell to 18 from 21.
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 dropped to 12 from 20, the number of employees index grew to 16 from 14, while the average wages index declined to 18 from 23. The inventories index declined to negative 1 from positive 16, while the big-ticket sales index plunged to negative 19 from positive 21. The shopper traffic index decreased to 23 from 26, while expected product demand during the next six months fell to 6 from 16.
For services firms excluding retail, the revenues index was 12 compared with 18 last month, while the number of employees index increased to 5 from 2, and the average wage index held at 19. The expected product demand during the next six months index slid to 20 from 22.
The current price trend for the two sectors together dipped to 1.22 from 1.26, while growing to 1.75 from 1.15 for retail alone and slipping to 1.13 from 1.27 for services, excluding retail.
The expected price trend index for the two sectors together fell to 1.45 in March from 1.89 in February, while gaining to 1.69 from 1.21 for retail alone and declining to 1.42 from 1.96 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.
