Service sector activity “grew modestly” in March, according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the service sector revenues index rose to 5 from zero in February, while the number of employees index decreased to negative 4 from positive 7, the average wage index dipped to 4 from 7, and the expected product demand during the next six months index grew to 9 from 5.
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 slipped to 10 from 15, the number of employees index climbed to negative 3 from negative 8, while the average wages index dipped to 3 from 4. The inventories index narrowed to negative 9 from negative 49, while the big-ticket sales index improved to positive 1 from negative 11. The shopper traffic index slid to 21 from 24, while expected product demand during the next six months slipped to negative 2 from positive 12.
For services firms excluding retail, the revenues index was positive 1 compared with negative 3 last month, while the number of employees index fell to negative 2 from positive 10, and the average wage index fell to 4 from 9. The expected product demand during the next six months index rose to 9 from 4.
The current price trend for the two sectors together grew to 1.19 from 1.11, while slipping to 1.27 from 1.77 for retail alone and rising to 1.23 from 0.98 for services, excluding retail.
The expected price trend index for the two sectors together rose to 1.54 in March from 1.50 in February, while decreasing to 1.23 from 2.27 for retail alone and jumping to 1.60 from 1.39 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.
