Service sector activity "remained subdued in December," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index grew to zero from negative 1, while the number of employees index increased to 18 from 13, the average wage index slid to 13 from 17, and the expected product demand during the next six months index gained to 19 from 15.
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 declined to negative 36 from negative 12, the number of employees index recovered to positive 8 from negative 1, while the average wages index dropped to 7 from 35. The inventories index rebounded to negative 1 from negative 18, while the big-ticket sales index dropped to negative 35 from negative 25. The shopper traffic index fell to negative 19 from negative 3, while expected product demand during the next six months improved to negative 3 from negative 21.
For services firms excluding retail, the revenues index was 7 compared with 1 last month, while the number of employees index increased to 20 from 15, and the average wage index held at 14. The expected product demand during the next six months index grew to 23 from 20.
The current price trend for the two sectors together slid to 1.226 from 1.33, while gaining to 1.84 from 1.21 for retail alone and sliding to 1.15 from 1.34 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.82 in December from 1.74 in November, while soaring to 2.64 from 1.20 for retail alone and dipping to 1.66 from 1.82 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.
