Service sector activity "continued to improve in February," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index held at 15 from 15, while the number of employees index fell to 7 from 8, the average wage index declined to 14 from 24, and the expected product demand during the next six months index grew to 51 from 38.
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 12 from 40, the number of employees index fell to 1 from 7, while the average wages index grew to 26 from 22. The inventories index gained to 11 from 2, while the big-ticket sales index slid to 29 from 32. The shopper traffic index plunged to negative 7 from positive 36, while expected product demand during the next six months rose to 69 from 51.
For services firms excluding retail, the revenues index was 16 compared with 11 last month, while the number of employees index fell to 7 from 8, and the average wage index declined to 12 from 24. The expected product demand during the next six months index climbed to 49 from 36.
The current price trend for the two sectors together fell to 1.49 from 1.65, while gaining to 2.82 from 2.79 for retail alone and slipping to 1.32 from 1.45 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.95 in February from 1.84 in January, while jumping to 3.45 from 3.02 for retail alone and growing to 1.75 from 1.63 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.
