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Fifth District Survey of Service Sector Activity

April 22, 2025

Fifth District service sector activity slowed in April, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues index fell from −4 to −7 and the demand index fell from −6 to −12 in April. The indexes for future revenues and demand fell notably to 4 and −2, respectively.

The local business conditions index decreased considerably from −14 in March to −30 in April. Firms were less optimistic about future business conditions, as that index decreased notably from −5 to −29 in April, falling further into negative territory.

The current employment index increased slightly from 3 to 8 in April and the forward-looking index fell from 12 to 1. The wages index decreased to 13 and many firms continued to expect to increase wages over the next six months.

The average growth rate of prices paid decreased slightly, while the average growth rate of prices received decreased moderately from March. Firms expected growth in prices to increase over the next 12 months.

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