Fifth District Survey of Service Sector Activity

April 25, 2017 10 a.m.

Service Sector Firms Indicated Further Improvement in April

Overview

Activity in the service sector improved notably in April, according to the latest survey by the Federal Reserve Bank of Richmond. More firms continued to report revenue increases than decreases, with the revenues index for the overall service sector hitting 22 — its highest mark since August 2015. This was driven by an increase in the share of both retail and non-retail services firms to report revenue growth.

In addition to the increase in the revenues index in the overall service sector, the indexes for employment and wages also rose notably, as did the index for expected demand during the next six months.

Meanwhile, price growth in the overall service sector picked up slightly in April, while the expectation for price growth during the next six months moderated. Both current and expected price growth for retail prices moderated, while price growth for non-retail services firms picked up somewhat.

Charts

Index Table

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