Service sector activity "strengthened in January," according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index grew to 10 from zero, while the number of employees index held at 18, the average wage index increased to 26 from 13, and the expected product demand during the next six months index slipped to 14 from 9
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 rebounded to positive 27 from negative 36, the number of employees index rose to 12 from 8, while the average wages index soared to 30 from 7. The inventories index climbed to positive 12 from negative 1, while the big-ticket sales index revered to positive 30 from negative 32. The shopper traffic index soared to positive 26 from negative 19, while expected product demand during the next six months improved to positive 16 from negative 3.
For services firms excluding retail, the revenues index was 8 compared with 7 last month, while the number of employees index dipped to 19 from 20, and the average wage index grew to 26 from 14. The expected product demand during the next six months index fell to 14 from 23.
The current price trend for the two sectors together grew to 1.37 from 1.26, while falling to 0.26 from 1.84 for retail alone and rising to 1.52 from 1.15 for services, excluding retail.
The expected price trend index for the two sectors together decreased to 1.40 in January from 1.82 in December, while slumping to 0.33 from 2.64 for retail alone and dipping to 1.54 from 1.66 from 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.
