Service sector activity "expanded" in September, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index held at 21, while the number of employees index decreased to 13 from 17, the average wage index gained to 13 from 12, and the expected product demand during the next six months index fell to 22 from 27.
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 remained 37, the number of employees index stayed at 21, while the average wages index climbed to 20 from 8. The inventories index gained to 32 from 23, while the big-ticket sales index dropped to 19 from 28. The shopper traffic index decreased to 43 from 48, while expected product demand during the next six months slid to 30 from 36.
For services firms excluding retail, the revenues index was 18 compared with 18 last month, while the number of employees index declined to 12 from 16, and the average wage index fell to 12 from 13. The expected product demand during the next six months index slid to 21 from 25.
The current price trend for the two sectors together grew to 1.58 from 1.54, while dipping to 1.98 from 2.32 for retail alone and rising to 1.50 from 1.43 for services, excluding retail.
The expected price trend index for the two sectors together fell to 1.89 in September from 2.00 in August, while dropping to 1.96 from 2.29 for retail alone and slipping to 1.88 from 1.96 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.
