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Fifth District Survey of Service Sector Activity

October 22, 2024

Fifth District service sector activity changed little in October, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index edged up from −1 to 3, while the demand index remained unchanged at 3 in October. The indexes for future revenues and demand increased further into positive territory.

The local business conditions index edged down from −3 in September to −4 in October. Firms were optimistic about future business conditions, though, as that index increased notably from 10 in September to 32 in October.

The employment index rose to 5 in October, while firms, on balance, continued to report wage increases. The availability of skills index increased from −6 to 2 in October, signaling a split in firms' ability to find workers with the necessary skills. Over the next six months, firms expect to increase hiring and anticipate little change in their ability to find workers with the necessary skills. Most firms plan to continue increasing wages.

The average growth rates of prices paid and prices received were nearly unchanged in October. Firms expected price growth to moderate slightly in the coming year.

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