Service sector activity was stronger in June, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index gained to 15 in June, from 11 in May, while the number of employees index increased to positive 3 from negative 5, the average wage index slipped to 11 from 18, and the expected product demand during the next six months index grew to 24 from 17.
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 climbed to positive 3 from negative 1 in May, the number of employees index rose to positive 2 from negative 10, while the average wages index slumped to 1 from 26. The inventories index decreased to negative 28 from negative 20, while the big-ticket sales index grew to positive 3 from negative 10. The shopper traffic index slipped to 5 from 12, while expected product demand during the next six months fell to 11 from 25.
For services firms excluding retail, the revenues index was 19 compared with 18 last month, while the number of employees index rose to positive 4 from negative 1, and the average wage index dipped to 15 from 18. The expected product demand during the next six months index rose to 27 from 17.
The current price trend for the two sectors together slid to 0.93 from 1.23, while dropping to 0.56 from 1.35 for retail alone and slipping to 1.07 from 1.36 for services, excluding retail.
The expected price trend index for the two sectors together fell to 1.43 in June from 1.53 in May, while increasing to 1.86 from 1.21 for retail alone and slowing to 1.36 from 1.55 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.