Fifth District Survey of Service Sector Activity

June 27, 2017 10 a.m.

Reports from Service Sector Firms Moderated But Remained Quite Positive in June

Overview

Activity in the service sector improved at a more moderate pace in June, according to results from the latest survey by the Federal Reserve Bank of Richmond. The overall service sector revenues index fell to 19 in June from 34 in May. Still, any reading above 0 indicates that more firms reported an increase in revenues than reported a decrease. The revenues index for retail firms changed little from its high level in May, while the index for non-retail services firms declined from 31 in May to 13 in June.

Labor market readings from services firms were somewhat mixed. The index for employment in the overall service sector declined to 13 in June, although the average wage index rose to 31 in June from 24 in May. The index for expected demand during the next six months inched up from 40 in May to 41 in June.

Survey results suggest that both current and expected price growth in the overall service sector moderated somewhat from May to June.

Charts

Index Table

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Regional Survey Team
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