Service sector activity “strengthened in October,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index rose to 18 from 10, while the number of employees index increased to 17 from 5, the average wage index slid to 14 from 20, and the expected product demand during the next six months index declined to 23 from 24.
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 increased to 20 from 16, the number of employees index recovered to negative 12 from negative 19, while the average wages index gained to 37 from 30. The inventories index slumped to 15 from 35, while the big-ticket sales index dropped to negative 3 from positive 20. The shopper traffic index slid to 36 from 39, while expected product demand during the next six months declined to 10 from 33.
For services firms excluding retail, the revenues index was 17 compared with 10 last month, while the number of employees index increased to 20 from 8, and the average wage index slid to 12 from 19. The expected product demand during the next six months index inched up to 24 from 23.
The current price trend for the two sectors together fell to 1.14 from 1.18, while growing to 1.68 from 1.25 for retail alone and dropping to 1.08 from 1.17 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.67 in October from 1.65 in September, while falling to 1.80 from 2.01 for retail alone and rising to 1.66 from 1.60 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.
