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Fifth District Survey of Service Sector Activity

June 25, 2024

Fifth District service sector activity slowed in June, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index fell from 3 to −11 and the demand index edged down from 1 in May to −2 in June. The indexes for future revenues and demand decreased but remained in positive territory.

Firms grew slightly less optimistic about local business conditions, as that index edged down from −9 in May to −11 in June. The index for expected local business conditions also decreased, from 2 to −3 in June.

The employment index edged down from 6 in May to 3 in June, while most firms continued to report wage increases. The availability of skills index edged up from 6 to 7 in June, suggesting little change in firms' ability to find workers with the necessary skills. Over the next six months, firms expect to increase hiring and anticipate little change in their ability to find workers with the necessary skills. Most firms plan to continue increasing wages.

The average growth rate of prices paid and prices received decreased in June. Firms expect growth in prices paid to moderate over the coming year.

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Past Reports

May 29, 2024
Service Sector Activity Was Mixed in May
April 23, 2024
Service Sector Activity Remained Soft in April
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Regional Survey Team (571) 287-0448