Service sector companies “reported moderate growth in January,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slid to 20 from 25, while the number of employees index gained to 21 from 13, the average wage index climbed to 27 from 25, and the expected product demand during the next six months index slid to 37 from 39.
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 fell to negative 18 from positive 18, the number of employees index dropped to 19 from 31, while the average wages index slipped to 32 from 34. The inventories index declined to 36 from 44, while the big-ticket sales index fell to 20 from 24. The shopper traffic index plunged to negative 25 from positive 6, while expected product demand during the next six months rebounded to 47 from 39.
For services firms excluding retail, the revenues index was 26 compared with 24 last month, while the number of employees index increased to 21 from 11, and the average wage index rose to 26 from 24. The expected product demand during the next six months index slid to 38 from 40.
The current price trend for the two sectors together gained to 1.55 from 1.43, while reversing to positive 1.94 from negative 0.07 for retail alone and growing to 1.52 from 1.34 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.92 in January from 1.71 in December, while rising to 1.82 from 1.37 for retail alone and growing to 1.91 from 1.69 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.