Service sector activity "moderated in November," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index fell to negative1 from positive 18, while the number of employees index decreased to 13 from 17, the average wage index rose to 17 from 14, and the expected product demand during the next six months index declined to 15 from 23.
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 reversed to negative 12 from positive 20, the number of employees index recovered to negative 1 from negative 12, while the average wages index dipped to 35 from 37. The inventories index slumped to negative 18 from positive 15, while the big-ticket sales index dropped to negative 25 from negative 3. The shopper traffic index plunged to negative 3 from positive 36, while expected product demand during the next six months declined to negative 21 from positive 10.
For services firms excluding retail, the revenues index was 1 compared with 17 last month, while the number of employees index decreased to 15 from 20, and the average wage index rose to 14 from 12. The expected product demand during the next six months index slid to 20 from 24.
The current price trend for the two sectors together grew to 1.33 from 1.14, while falling to 1.21 from 1.68 for retail alone and gaining to 1.34 from 1.08 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.74 in November from 1.67 in October, while falling to 1.20 from 1.80 for retail alone and rising to 1.82 from 1.66 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.
