Service sector activity “activity expanded in April,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index rose to 15 from 9, while the number of employees index slid to 13 from 15, the average wage index increased to 28 from 16, and the expected product demand during the next six months index gained to 25 from 14.
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 crept to 37 from 36, the number of employees index plunged to negative 1 from positive 26, while the average wages index soared to 32 from 4. The inventories index climbed to 43 from 33, while the big-ticket sales index surged to 41 from 18. The shopper traffic index gained to 54 from 35, while expected product demand during the next six months rose to 54 from 20.
For services firms excluding retail, the revenues index was 12 compared with 5 last month, while the number of employees index remained at 14, and the average wage index grew to 28 from 18. The expected product demand during the next six months index increased to 22 from 14.
The current price trend for the two sectors together inched up to 1.32 from 1.30, while gaining to 1.26 from 1.12 for retail alone and falling to 1.32 from 1.33 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.46 in April from 1.67 in March, while climbing to 1.79 from 1.42 for retail alone and dropping to 1.41 from 1.70 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.
