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Federal Reserve Bank of Richmond

Non-Manufacturing Survey

Fifth District non-manufacturing activity improved in March, according to the most recent survey by the Federal Reserve Bank of Richmond. In March, the revenues index rose to 9 from −8 and the demand index improved to 21 from −3. Meanwhile, expectations were strong: the indexes for future revenues and demand remained firmly in positive territory.

The local business conditions index rose to 2 in March from −10 in February. Meanwhile, the future local business conditions index decreased to 9.

The current employment index increased to 9 in March from 0 in February, and the forward-looking employment index rose to 22 from 15. The wages index inched up to 19 from 17 and firms continued to expect to increase wages over the next six months.

The average growth rates of prices paid and prices received decreased somewhat in March. Firms expected growth in prices paid to decrease and growth in prices received to remain steady over the next 12 months.

*The non-manufacturing survey, formerly called the service sector survey, was renamed to better reflect its updated scope and objectives.

To cite the Non-Manufacturing Survey, please use the following format: "Non-Manufacturing Survey." Federal Reserve Bank of Richmond. https://www.richmondfed.org/region_communities/regional_data_analysis/business_surveys/non-manufacturing.

Past Reports

Feb. 24, 2026
F ifth District Non-Manufacturing Activity Slowed in February
Jan. 27, 2026
Fifth District Non-Manufacturing Activity Was Flat in January
Dec. 23, 2025
Fifth District Non-Manufacturing Activity Slowed in December
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Regional Survey Team