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Fifth District Survey of Service Sector Activity

May 28, 2025

Fifth District service sector activity slowed in May, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index fell from −7 to −11 and the demand index rose from −12 to −8 in May. The indexes for future revenues and demand edged up to 5 and 2, respectively.

The local business conditions index increased from −30 in April to −18 in May. The future local business conditions index rose from −29 to −18 in May, remaining in negative territory.

The current employment index decreased from 8 to 0 in May and the forward-looking index rose from 1 to 11. The wages index increased to 20 and firms continued to expect to increase wages over the next six months.

The average growth rates of prices paid and prices received were nearly unchanged in May. Firms expected growth in prices to increase over the next 12 months.

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