Richmond Fed: Service sector ‘strong’ in Feb., as revenues grow

Register now

The service sector improved in February, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the current service sector revenues index climbed to 17 from 6, services expenditures gained to 7 from zero, capital expenditures soared to 15 from 4, while the number of employees index slid to 2 from 4, the available skills narrowed to negative 16 from negative 20, the wages index gained to 39 from 29, and the demand index declined to 5 from 11.

The expected service sector revenues index surged to 40 from 18, services expenditures rose to 9 from zero, capital expenditures increased to 23 from 18, while the number of employees index grew to 32 from 21, the available skills widened to negative 13 from negative 10, the wages index climbed to 65 from 51, and the demand index rose to 29 from 19.

The indexes are the percentage of responding firms reporting increase, less the percentage reporting a decrease.

The current prices paid trend grew to 2.97 from 2.83, and climbed to 2.50 from 1.82 for prices received.

The expected price paid trend increased to 2.70 in February from 2.49 in January, while prices received rose to 2.27 from 2.10.

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.

For reprint and licensing requests for this article, click here.
Economic indicators Federal Reserve Bank of Richmond