Service sector activity “flattened overall” in April, according to the Federal Reserve Bank of Richmond’s service-sector activity survey, released Tuesday.
Overall, the service sector revenues index slumped to zero in April from 26 in March, while the number of employees index dropped to zero from 15, the average wage index slumped to 10 from 18, and the expected product demand during the next six months index fell to 26 from 40.
The indexes are the percentage of responding firms reporting increases, less the percentage reporting a decrease.
By sector, the retail area excluding services firms reported the sales revenues index plunged to negative 53 in April from positive 33 in March, the number of employees index declined to negative 5 from positive 6, and the average wages index slumped to negative 9 from positive 15. The inventories index sank to negative 13 from positive 2, while the big-ticket sales index plummeted to negative 66 from positive 7.
The shopper traffic index slumped to negative 51 from positive 23, while expected product demand during the next six months reversed to negative 17 from positive 13.