“Activity in the service sector generally contracted in November,” according to the Federal Reserve Bank of Richmond service-sector survey released yesterday.
The indexes are the percentage of responding firms reporting increases, less the percentage reporting a decrease.
Overall, the service sector revenues index widened to negative 22 in November from negative 10 in October, the number of employees index widened to negative 17 from negative 15, the average wage index remained at 6, and the product demand during the next six months index reversed to negative 2 from positive 2.
The retail sector, excluding services firms, reported the sales revenues index slumped to negative 35 in November from negative 18 in October, the number of employees index widened to negative 32 from negative 29, and the average wages index fell to negative 10 from negative 1. The inventories index stayed at negative 23, while the big-ticket sales index dropped to negative 63 from negative 36. The shopper traffic index slipped to negative 44 from negative 32, and product demand during the next six months plunged to negative 14 from positive 25.