Richmond Fed: Service sector gains, although most indicators fell

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Service sector companies “expanded moderately in March,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the service sector revenues index dipped to 25 from 27, while the number of employees index fell to 15 from 21, the wages index climbed to 32 from 28, and the demand index grew to 42 from 41.

The indexes are the percentage of responding firms reporting increase, less the percentage reporting a decrease.

The current prices paid trend slid to 1.84 from 1.88, slowing to 1.39 from 1.72 for prices received.

The expected price paid trend decreased to 2.15 in March from 2.31 in February, while prices received fell to 1.83 from 2.23.

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.

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Economic indicators