Service sector activity "varied in April," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slipped to 2 from 12, while the number of employees index increased to 9 from 6, the average wage index grew to 24 from 18, and the expected product demand during the next six months index held at 18.
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 17 from 12, the number of employees index fell to 5 from 16, while the average wages index surged to 44 from 18. The inventories index declined to negative 5 from negative 1, while the big-ticket sales index reversed to positive 18 from negative 19. The shopper traffic index decreased to 18 from 23, while expected product demand during the next six months soared to 23 from 6.
For services firms excluding retail, the revenues index was negative 1 compared with positive 12 last month, while the number of employees index increased to 9 from 5, and the average wage index grew to 21 from 19. The expected product demand during the next six months index slid to 17 from 20.
The current price trend for the two sectors together gained to 1.38 from 1.22, while slowing to 1.54 from 1.75 for retail alone and climbing to 1.36 from 1.13 for services, excluding retail.
The expected price trend index for the two sectors together rose to 1.69 in April from 1.45 in March, while holding at 1.69 for retail alone and gaining to 1.69 from 1.42 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.
