NEW YORK – Service sector activity slowed in the district in February, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slipped to 6 in February, from 18 in January, while the number of employees index rose to 16 from 8, the average wage index climbed to 16 from 5, and the expected product demand during the next six months index grew to 25 from 17.
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 slumped to 7 in February from 23 in January, the number of employees index improved to positive 22 from negative 7, while the average wages index surged to positive 38 from negative 20. The inventories index crept to 26 from 24, while the big-ticket sales index improved to negative 7 from negative 52. The shopper traffic index climbed to positive 15 from negative 9, while expected product demand during the next six months rose to negative 5 from negative 9.
For services firms excluding retail, the revenues index was 4 compared to 17 last month, while the number of employees index increased to 16 from 10, and the average wage index inched up to 10 from 9. The expected product demand during the next six months index climbed to 31 from 18.
The current price trend for the two sectors together gained to 1.37 from 1.20, while rising to 1.89 from 1.62 for retail alone and growing to 1.25 from 1.09 for services, excluding retail.
The expected price trend index for the two sectors together grew to 1.88 in February from 1.66 in January, while increasing to 1.91 from 1.67 for retail alone and rising to 1.87 from 1.69 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.
