Service sector activity "slowed in February," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index declined to negative 2 from positive 10, while the number of employees index fell to 9 from 18, the average wage index decreased to 8 from 26, and the expected product demand during the next six months index dropped to 7 from 14.
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 slid to 18 from 27, the number of employees index rose to 13 from 12, while the average wages index slumped to negative 1 from positive 30. The inventories index fell to zero from 12, while the big-ticket sales index declined to 11 from 30. The shopper traffic index gained to 32 from 26, while expected product demand during the next six months reversed to negative 6 from positive 16.
For services firms excluding retail, the revenues index was negative 6 compared with positive 8 last month, while the number of employees index dropped to 9 from 19, and the average wage index fell to 9 from 26. The expected product demand during the next six months index decreased to 9 from 14.
The current price trend for the two sectors together grew to 1.65 from 1.37, while surging to 1.64 from 0.26 for retail alone and rising to 1.65 from 1.52 for services, excluding retail.
The expected price trend index for the two sectors together increased to 1.70 in February from 1.40 in January, while climbing to 1.28 from 0.33 for retail alone and gaining to 1.77 from 1.54 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.
