Fifth District Survey of Service Sector Activity

March 28, 2017 10 a.m.

Service Sector Activity Improved in March at a Pace Somewhat Moderated from February

Overview

Activity in the service sector continued to improve in March, according to the latest survey by the Federal Reserve Bank of Richmond, although the improvement moderated somewhat from the first two months of the year. More firms continued to report revenue increases than decreases, although the revenues index for the overall service sector did fall from 15 in January and February to 9 in March. This was driven by a decrease in the share of services firms to report revenue growth; the share of retail firms who reported improvement increased from last month.

Despite the slight moderation of the revenues index in the overall service sector, the indexes for employment and wages both increased notably, while the index for expected demand during the next six months remained high, but declined in March.

Meanwhile, firms' reports of price growth in the overall service sector changed little from February and the expectation for price growth moderated slightly in March.

Charts

Index Table

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