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Fifth District Survey of Service Sector Activity

July 25, 2017 10 a.m.

Service Sector Firms in the Fifth District Remained Generally Upbeat in July


Firms remained generally positive about current conditions in the Fifth District’s service sector, according to the latest survey by the Federal Reserve Bank of Richmond. Although the overall service sector revenues index fell — from 19 in June to 12 in July — the measure was still solidly above 0. The decrease reflected a decline in the revenues index for both retail and non-retail services firms. Meanwhile, the index for expected demand during the next six months fell from 41 in June to 32 in July, but it remained in line with the average reading of the last few years.

Labor market readings from service sector firms were generally upbeat. The index for employment in the overall service sector rose from 14 in June to 24 in July, while the average wage index edged up from 29 in June to 30 in July.

Turning to prices, current price growth was virtually the same from June to July while expected price growth moderated somewhat.


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