The Fifth District Service Sector Activity Revenues index came in at -10 in May of 2023, from -23 in April and compared with market forecasts of -29. At the same time, the demand index went up to -5 in May from -11 in April, but both indexes remained in negative territory. Expectations for future revenue and demand also improved, with the revenue expectations index edging up to 0 in May from -5 in April and the index for demand expectations rising to 1 in May from -6 in the prior month. Further, the index for current local business conditions rose to -17 in May from -27 in April. However, the index for expected local business conditions did not improve, registering at -20, from -19 in the prior month. Each of the three spending indexes edged up slightly, with the services expenditures index rising the most, to 3 in May from -3 in April. The employment index rose to 0 in May from -4 in April, ending its steady decline since the beginning of the year, and wages continued to rise. source: Federal Reserve Bank of Richmond

Richmond Fed Services Index in the United States averaged 6.60 points from 1993 until 2023, 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 June of 2023.

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United States Richmond Fed Services Index



Calendar GMT Actual Previous Consensus TEForecast
2023-04-25 02:00 PM Apr -23 -17 2
2023-05-23 02:00 PM May -10 -23 -29 -25
2023-06-27 02:00 PM Jun -10 5


Related Last Previous Unit Reference
Richmond Fed Manufacturing Index -15.00 -10.00 points May 2023
Richmond Fed Services Index -10.00 -23.00 points May 2023
Richmond Fed Manufacturing Shipments -13.00 -7.00 points May 2023

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
-10.00 -23.00 34.00 -87.00 1993 - 2023 points Monthly
SA

News Stream
US Fifth District Services Index Remains Negative
The Fifth District Service Sector Activity Revenues index came in at -10 in May of 2023, from -23 in April and compared with market forecasts of -29. At the same time, the demand index went up to -5 in May from -11 in April, but both indexes remained in negative territory. Expectations for future revenue and demand also improved, with the revenue expectations index edging up to 0 in May from -5 in April and the index for demand expectations rising to 1 in May from -6 in the prior month. Further, the index for current local business conditions rose to -17 in May from -27 in April. However, the index for expected local business conditions did not improve, registering at -20, from -19 in the prior month. Each of the three spending indexes edged up slightly, with the services expenditures index rising the most, to 3 in May from -3 in April. The employment index rose to 0 in May from -4 in April, ending its steady decline since the beginning of the year, and wages continued to rise.
2023-05-23
Fifth District Service Index at Near 3-Year Low
The Fifth District Service Sector Activity Revenues index fell to -23 in April of 2023, the lowest since June of 2020, from the -17 in the previous month. To add, the demand index sank to -11 from -1 in March, consolidating poor business conditions due to the Federal Reserve's aggressive tightening campaign. Future revenue expectations for service providers also worsened, falling to -5 from 10 in the previous month, while expectations for future demand swung to a -6 from 7.
2023-04-25
US 5th District Service Index Lowest since June 2020
The Fifth District Service Sector Activity revenues index dropped to -17 in March 2023 from -3 in February, the lowest since June 2020. Also, the demand index went down to -1 in March from 6 in February. Revenue expectations improved mildly, while the index for demand expectations remained positive but decreased slightly. The indexes for both current and expected local business conditions remained negative. The employment index registered at 1 in March, continuing its steady decline this year. Firms continued reporting wage increases and difficulty finding workers. However, the availability of skills index has been improving. Over the next six months, firms expect to continue hiring and increasing wages, while also expecting some improvement in their ability to find workers with the necessary skills. Average growth in prices paid and prices received remained relatively unchanged in March, and firms broadly expected both to moderate over the coming year.
2023-03-28