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Fifth District Survey of Service Sector Activity

April 23, 2024

Fifth District service sector activity remained soft in April, despite increased demand, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index fell from −7 to −13, while the demand index increased notably from −9 in March to 9 in April. The indexes for future revenues and demand both increased further into positive territory.

Firms' optimism about local business conditions was nearly unchanged, as that index edged up from −8 in March to −6 in April. The index for expected local business conditions increased from −3 to 9 in April.

The employment index decreased from 6 in March to 1 in April, while firms continued to report wage increases and little change in their ability to find workers with the necessary skills. Over the next six months, firms expect to increase hiring and anticipate little improvement in their ability to find workers with the necessary skills. Most firms plan to continue increasing wages.

The average growth in prices paid increased in April, while growth in prices received decreased. Firms expect both growth rates to moderate over the coming year.

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Past Reports

March 26, 2024
Service Sector Activity Remained Soft in March
Feb. 27, 2024
Service Sector Activity Slowed in February
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Regional Survey Team (571) 287-0448