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.

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United States Richmond Fed Services Index



Calendar GMT Actual Previous Consensus TEForecast
2022-10-25 02:00 PM Oct -8 0 2
2022-11-22 03:00 PM Nov -2 -8 3
2022-12-27 03:00 PM Dec -2 1


Related Last Previous Unit Reference
Richmond Fed Manufacturing Index -9.00 -10.00 points Nov 2022
Richmond Fed Services Index -2.00 -8.00 points Nov 2022
Richmond Fed Manufacturing Shipments -8.00 -3.00 points Nov 2022

United States Richmond Fed Services Index
The data come from the Fifth District Survey of Service Sector Activity. Respondents to the survey are firms located within the Fifth Federal Reserve District which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia. Respondents indicate whether measures of activity rose, were unchanged, or decreased since the last survey. The responses are converted into diffusion indexes by subtracting the percentage of reported decreases from the percentage of increases.
Actual Previous Highest Lowest Dates Unit Frequency
-2.00 -8.00 34.00 -87.00 1993 - 2022 points Monthly
SA

News Stream
US Fifth District Services Index Remains Negative
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.
2022-11-22
US Fifth District Services Index Falls in October
The Service Sector Activity Index in the US fifth district fell notably to -8 in October of 2022 from 0 in September. The demand index also decreased to -7, nearly returning to their August levels. Firms’ assessments of local business conditions plummeted from September, with a reading of - 19 in October. Moreover, a burgeoning share of firms were pessimistic about future business conditions, as the expected business conditions index slid to -28 from -9, nearly matching the -31 reading in July. A smaller share of firms reported increased hiring in October, but their ability to find workers with the necessary skills improved. Firms were split on the issue of labor availability over the next six months and expect wage increases to persist. Growth in prices paid decreased very slightly in October, while prices received increased somewhat.
2022-10-25
US 5th District Service Sector Activity Unchanged in September
The Service Sector Activity Index in the US fifth district stagnated in September of 2022 from -12 in the previous month. The demand index rebounded to 5 from -11 in August, while capital expenditures rose to 14 from 13 and equipment and software spending rose to 14 from 12. At the same time, the gauge measuring number of employees rose to 11 from 10 in the prior month, but availability of skills needed tanked further to -15 from -5.
2022-09-27