Service sector activity "accelerated" in August, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index rose to 21 from 12 in July, while the number of employees index increased to 17 from 9, the average wage index slipped to 12 from 20, and the expected product demand during the next six months index grew to 27 from 24.
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 surged to 37 from 15, the number of employees index jumped to 21 from 9, while the average wages index climbed to 8 from 6. The inventories index gained to 23 from 16, while the big-ticket sales index soared to 28 from zero. The shopper traffic index increased to 48 from 35, while expected product demand during the next six months rose to 36 from 21.
For services firms excluding retail, the revenues index was 18 compared with 12 last month, while the number of employees index rose to 16 from 9, and the average wage index fell to 13 from 22. The expected product demand during the next six months index crept to 25 from 24.
The current price trend for the two sectors together grew to 1.54 from 1.20, while gaining to 2.32 from 1.81 for retail alone and rising to 1.43 from 1.11 for services, excluding retail.
The expected price trend index for the two sectors together rose to 2.00 in August from 1.86 in July, while dipping 2.29 from 2.33 for retail alone and climbing to 1.96 from 1.79 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.
