Richmond Fed: Service sector strong in July, as most measures grow

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Service sector “activity remained strong in July,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Overall, the current service sector revenues index increased to 23 from 19, services expenditures fell to 13 from 18, capital expenditures grew to 26 from 22, while the number of employees index rose to 23 from 16, the wages index dipped to 28 from 29, and the demand index gained to 33 from 27.

The expected service sector revenues index decreased to 45 from 46, services expenditures fell to 12 from 29, capital expenditures slid to 28 from 30, while the number of employees index declined to 29 from 45, the wages index dipped to 48 from 51, and the demand index slid to 43 from 50.

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

The current prices paid trend rose to 2.75 from 2.55, growing to 2.29 from 2.09 for prices received.

The expected price paid trend increased to 2.98 in July from 2.80 in June, while prices received rose to 2.55 from 2.37.

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.

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Economic indicators Federal Reserve Bank of Richmond