Richmond Fed: Service sector improves, as most measures rise

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Service sector “activity grew robustly in June,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the service sector revenues index increased to 21 from 11, while the number of employees index rose to 17 from 12, the wages index soared to 31 from 17, and the demand index grew to 51 from 34.

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

The current prices paid trend rose to 2.52 from 2.14, growing to 2.07 from 1.32 for prices received.

The expected price paid trend increased to 2.90 in June from 2.52 in May, while prices received rose to 2.50 from 1.75.

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