Service sector activity "moderated in August," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index fell to 2 from 8, while the number of employees index rose to 17 from 12, the average wage index increased to 24 from 16, and the expected product demand during the next six months index slid to 25 from 32.
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 dropped to negative 4 from positive 14, the number of employees index gained to 28 from 8, while the average wages index fell to 13 from 27. The inventories index plunged to 6 from 48, while the big-ticket sales index inched down to 8 from 9. The shopper traffic index decreased to 11 from 19, while expected product demand during the next six months grew to 34 from 25.
For services firms excluding retail, the revenues index was 3 compared with 7 last month, while the number of employees index rose to 17 from 13, and the average wage index increased to 25 from 14. The expected product demand during the next six months index declined to 24 from 33.
The current price trend for the two sectors together held at 1.40 from 1.40, while dipping to 1.80 from 1.84 for retail alone and growing to 1.35 from 1.12 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.50 in August from 1.72 in July, while slipping to 1.57 from 1.60 for retail alone and dropping to 1.49 from 1.73 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.
