Richmond Fed: Service sector grew modestly in Jan., as revenue slip

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Service sector “continued to grow modestly in January,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Wednesday.

Overall, the current service sector revenues index fell to 6 from 10, services expenditures dropped to zero from 13, capital expenditures plunged to 4 from 28, while the number of employees index crept to 4 from 3, the available skills widened to negative 20 from negative 18, the wages index dipped to 29 from 34, and the demand index declined to 11 from 20.

The expected service sector revenues index dropped to 18 from 37, services expenditures fell to zero from 21, capital expenditures decreased to 18 from 25, while the number of employees index slid to 21 from 26, the available skills narrowed to negative 10 from negative 22, the wages index dipped to 51 from 52, and the demand index slid to 19 from 29.

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

The current prices paid trend fell to 2.83 from 3.03, dropping to 1.82 from 2.51 for prices received.

The expected price paid trend decreased to 2.49 in January from 2.88 in December, while prices received rose to 2.10 from 2.01.

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 Federal Reserve Bank of Richmond