Skip to Main Content

Fifth District Survey of Service Sector Activity

August 24, 2021

Fifth District service sector activity strengthened in August, according to the most recent survey by the Federal Reserve Bank of Richmond. The indexes for revenues and demand declined from 19 and 26 in July to 15 and 25, respectively, in August but continued to indicate expansion. Respondents reported improved local business conditions and increased capital spending, and they were optimistic that conditions would continue to improve in the coming months.

Survey results reflect growth in employment and wages in August, but finding workers with the necessary skills was a challenge. Firms expected this difficulty to continue and employment and wages to grow further in the next six months.

The average growth rates of both prices paid and prices received by survey respondents increased in August. Growth of prices paid continued to outpace that of prices received, but survey participants expected this gap to narrow in the near future.

Read Full Report
Download Current and Historical Data

Past Reports

Subscribe to Regional Research

Receive an email notification when regional surveys and reports are posted online:

phone Contact Us

Regional Survey Team (804) 697-8702