Service sector companies “saw strong growth in February,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the service sector revenues index rose to 27 from 20, while the number of employees index remained at 21, the wages index climbed to 28 from 27, and the demand index grew to 26 from 24.

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

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.