Service sector activity "remained generally modest" in February, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index remained zero in February, while the number of employees index increased to positive 7 from negative 2, the average wage index dipped to 7 from 8, and the expected product demand during the next six months index slid to 5 from 6.
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 slipped to 15 from 18, the number of employees index dropped to negative 8 from positive 7, while the average wages index held at 4. The inventories index plunged to negative 49 from positive 10, while the big-ticket sales index widened to negative 11 from negative 3. The shopper traffic index gained to 24 from 20, while expected product demand during the next six months slipped to 12 from 17.
For services firms excluding retail, the revenues index was negative 3 compared with positive 1 last month, while the number of employees index rose to positive 10 from negative 4, and the average wage index crept to 9 from 8. The expected product demand during the next six months index dipped to 4 from 5.
The current price trend for the two sectors together grew to 1.11 from 1.03, while climbing to 1.77 from 1.47 for retail alone and rising to 0.98 from 0.87 for services, excluding retail.
The expected price trend index for the two sectors together rose to 1.50 in February from 1.20 in January, while increasing to 2.27 from 2.18 for retail alone and jumping to 1.39 from 1.02 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.
