Service sector activity “moderated in September,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index fell to 10 from 30, while the number of employees index decreased to 5 from 18, the average wage index slid to 20 from 26, and the expected product demand during the next six months index declined to 24 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 slumped to 16 from 44, the number of employees index fell to negative 19 from positive 5, while the average wages index held at 30. The inventories index surged to 35 from 12, while the big-ticket sales index jumped to 20 from 1. The shopper traffic index fell to 39 from 54, while expected product demand during the next six months declined to 33 from 45.
For services firms excluding retail, the revenues index was 10 compared with 28 last month, while the number of employees index decreased to 8 from 20, and the average wage index slid to 19 from 26. The expected product demand during the next six months index dropped to 23 from 31.
The current price trend for the two sectors together fell to 1.18 from 1.53, while slowing to 1.25 from 1.98 for retail alone and dropping to 1.17 from 1.49 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.65 in September from 1.85 in August, while falling to 2.01 from 2.24 for retail alone and slipping to 1.60 from 1.81 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.
