Service sector activity “improved at a more moderate pace in June,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index fell to 19 from 34, while the number of employees index slid to 13 from 19, the average wage index gained to 31 from 24, and the expected product demand during the next six months index increased to 41 from 40.
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 56 from 55, the number of employees index fell to 5 from 25, while the average wages index gained to 51 from 17. The inventories index soared to 35 from 1, while the big-ticket sales index declined to 34 from 43. The shopper traffic index surged to 49 from 7, while expected product demand during the next six months slumped to 37 from 73.
For services firms excluding retail, the revenues index was 13 compared with 31 last month, while the number of employees index decreased to 15 from 18, and the average wage index gained to 27 from 25. The expected product demand during the next six months index grew to 41 from 36.
The current price trend for the two sectors together fell to 1.33 from 1.58, while declining to 1.66 from 3.53 for retail alone and slipping to 1.28 from 1.32 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.71 in June from 1.88 in May, while falling to 2.16 from 3.98 for retail alone and growing to 1.64 from 1.60 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.