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Non-Manufacturing Survey
Fifth District non-manufacturing activity edged up in October, according to the most recent survey by the Federal Reserve Bank of Richmond. In October, the revenues index increased to 2 from 0, and the demand index increased to 7 from 2. Meanwhile, expectations were strong: the indexes for future revenues and demand remained firmly in positive territory.
The local business conditions index rose to −5 in October from −8 in September. Meanwhile, the future local business conditions index remained at 0.
The current employment index increased slightly to 3 in October from 2 in September, while the forward-looking employment index fell to 11 from 19. Both the current and future wages indexes remained in positive territory.
The average growth rate of prices paid increased in October, while the average growth rate of prices received was flat. Firms expected growth in prices paid to decrease over the next 12 months, and expected growth in prices received to remain relatively steady.
*The non-manufacturing survey, formerly called the service sector survey, was renamed to better reflect its updated scope and objectives.
To cite the Non-Manufacturing Survey, please use the following format: "Non-Manufacturing Survey." Federal Reserve Bank of Richmond. https://www.richmondfed.org/region_communities/regional_data_analysis/business_surveys/non-manufacturing.
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