Service sector “activity was robust in August,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.
Overall, the current service sector revenues index decreased to 21 from 23, services expenditures rose to 18 from 13, capital expenditures fell to 18 from 26, while the number of employees index plunged to 10 from 23, the available skills widened to negative 11 from negative 10, the wages index dipped to 26 from 28, and the demand index fell to 28 from 33.
The expected service sector revenues index decreased to 44 from 45, services expenditures soared to 23 from 12, capital expenditures slid to 26 from 28, while the number of employees index remained at 29, the available skills narrowed to negative 2 from negative 3, the wages index fell to 38 from 48, and the demand index slid to 42 from 43.
The indexes are the percentage of responding firms reporting increase, less the percentage reporting a decrease.
The current prices paid trend fell to 2.03 from 2.75, slowing to 1.68 from 2.29 for prices received.
The expected price paid trend decreased to 2.55 in August from 2.98 in July, while prices received dropped to 2.19 from 2.55.
All firms surveyed are located within the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
