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Non-Manufacturing Survey

Fifth District non-manufacturing activity slowed in December, according to the most recent survey by the Federal Reserve Bank of Richmond. In December, the revenues index inched down to −6 from −4 while the demand index decreased to −3 from 4. Meanwhile, expectations were strong: the indexes for future revenues and demand remained solidly in positive territory.

The local business conditions index increased slightly to −11 in December from −15 in November. Meanwhile, the future local business conditions index inched up to 7 from 4.

The current employment index increased to 5 in December from 1 in November, while the forward-looking index fell to 14 from 24. The wages index increased to 17 from 12 and firms continued to expect to increase wages over the next six months.

The average growth rate of prices paid increased notably in December, while growth in prices received ticked up. Firms expected growth in prices paid to moderate and growth in prices received to decrease slightly over the next 12 months.

*The non-manufacturing survey, formerly called the service sector survey, was renamed to better reflect its updated scope and objectives.

To cite the Non-Manufacturing Survey, please use the following format: "Non-Manufacturing Survey." Federal Reserve Bank of Richmond. https://www.richmondfed.org/region_communities/regional_data_analysis/business_surveys/non-manufacturing.

Past Reports

Nov. 25, 2025
Fifth District Non-Manufacturing Activity Weakened Slightly in November
Oct. 28, 2025
Fifth District Non-Manufacturing Activity Was Flat in October
Sept. 23, 2025
Fifth District Service Sector Activity Slowed Somewhat in September
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Regional Survey Team