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Fifth District Survey of Service Sector Activity

September 24, 2024

Fifth District service sector activity was mixed in September, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index rose from −11 to −1 and the demand index increased from −3 in August to 3 in September. These changes reflect reports that continued to vary across respondents: one quarter of respondents reported that demand increased from last month, while nearly one quarter reported that it decreased. The indexes for future revenues and demand remained solidly in positive territory.

The local business conditions index increased from −13 in August to −3 in September. Firms were somewhat optimistic about future business conditions, though, as that index remained in positive territory.

The employment index edged up to −2 in September, while firms, on balance, continued to report wage increases. The availability of skills index fell from 3 to −6 in September, 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 little change 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 decreased in September. Firms expected growth in prices paid to moderate somewhat in the coming year.

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Past Reports

Aug. 27, 2024
Service Sector Activity Slowed in August
July 23, 2024
Service Sector Activity Improved Slightly in July
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