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Fifth District Survey of Service Sector Activity

March 25, 2025

Fifth District service sector activity slowed in March, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index fell from 11 to −4 and the demand index fell from 13 to −6 in March. The indexes for future revenues and demand decreased but remained in positive territory, as many firms expressed optimism about the next six months.

The local business conditions index decreased from 1 in February to −14 in March. Firms were less optimistic about future business conditions, as that index decreased from 8 to −5 in March, falling into negative territory.

The current employment index decreased slightly from 7 to 3 in March and the forward-looking index fell from 27 to 12. The wages index edged down to 19 and most firms continued to expect to increase wages over the next six months.

The average growth rate of prices paid edged down, while the average growth rate of prices received increased slightly from February. Firms expected growth in prices to remain flat or increase somewhat over the next 12 months.

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Past Reports

Feb. 25, 2025
Fifth District Service Sector Activity Improved Slightly in February
Jan. 28, 2025
Fifth District Service Sector Demand Remained Upbeat in January
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Regional Survey Team