The Fifth District Service Sector Activity revenues index increased to -2 in November of 2022 from -8 in October, but continued to point to soft activity in the services industry. The indexes for capital (7 vs 10), equipment & software (7 vs 9), and services expenditures (3 vs 4) edged down slightly again. Also, a slightly smaller share of firms reported increased hiring in November (5 vs 6), but their ability to find workers with the necessary skills improved modestly (-7 vs -8). Growth in prices paid increased somewhat (10.13 vs 9.24) while growth in prices received decreased slightly (6.56 vs 7.19). Meanwhile, firms were slightly more optimistic about the next six months than they were in October. source: Federal Reserve Bank of Richmond
Richmond Fed Services Index in the United States averaged 6.91 points from 1993 until 2022, reaching an all time high of 34.00 points in November of 2017 and a record low of -87.00 points in April of 2020. This page includes a chart with historical data for the United States Richmond Fed Services Index. United States Richmond Fed Services Index - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.
Richmond Fed Services Index in the United States is expected to be 1.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Richmond Fed Services Index is projected to trend around 6.00 points in 2023 and 7.00 points in 2024, according to our econometric models.