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Fifth District Survey of Service Sector Activity

July 22, 2025

Fifth District service sector activity improved slightly in July, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index edged up to 2 from −1 and the demand index increased to 5 from −4 in July. The indexes for future revenues and demand remained solidly positive in July.

The local business conditions index rose to −8 from −14 in July. The future local business conditions index increased to 6 from −5.

The current employment index edged down to 0 in July from 2 in June, while the forward looking index fell to 4 from 15. The wages index ticked down to 18 and firms continued to expect to increase wages over the next six months.

The average growth rate of prices paid decreased slightly while average growth in prices received increased slightly in July. Firms expected little change in the growth rate of prices paid over the next 12 months but expected growth in prices received to increase over the same period.

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