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Fifth District Survey of Service Sector Activity

August 26, 2025

Fifth District service sector activity improved slightly in August, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index edged up to 4 from 2 and the demand index increased to 13 from 5 in August. The indexes for future revenues and demand increased further into positive territory in August.

The local business conditions index rose to 6 from −8 in August. The future local business conditions index increased to 11 from 6.

The current employment index inched down to −1 in August from 0 in July, while the forward-looking index increased notably to 20 from 4. The wages index increased to 24 and firms continued to expect to increase wages over the next six months.

The average growth rate of prices paid was nearly unchanged while average growth in prices received increased slightly in August. Firms expected little change in the growth rates of prices over the next 12 months.

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