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Fifth District Survey of Service Sector Activity

July 23, 2024

We have discontinued the seasonally adjusted prices paid and prices received indexes and are instead reporting only the not seasonally adjusted prices paid and prices received indexes. Please contact our survey team at Rich.RegionalSurveyTeam@rich.frb.org for more information.

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 rose from −7 to 5 and the demand index edged up from 0 in June to 1 in July. The indexes for future revenues and demand rose further into positive territory.

There was little change from last month in firms' views on local business conditions, as that index edged down from −8 in June to −9 in July. The index for expected local business conditions edged up from 0 to 3 in July.

The employment index decreased from 4 in June to −4 in July, while firms continued to report wage increases. The availability of skills index decreased notably from 6 to −8 in July, signaling a decrease in firms' ability to find workers with the necessary skills. Over the next six months, firms expect to increase hiring and anticipate some improvement in their ability to find workers with the necessary skills. Most firms plan to continue increasing wages.

The average growth rate of prices paid and prices received increased in July. Firms expected growth in prices to moderate over the coming year.

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Past Reports

June 25, 2024
Service Sector Activity Slowed in June
May 29, 2024
Service Sector Activity Was Mixed in May
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Regional Survey Team (571) 287-0448