South By North Strategies, Ltd.

From the Federal Reserve Bank of Richmond’s latest survey of service-sector activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Activity in the service sector flattened overall, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales fell and revenues slowed at non-retail services providers, compared to last month. Big-ticket sales dropped sharply and shopper traffic diminished. Retailers reduced inventories. Looking ahead six months, non-retail survey respondents remained upbeat about future sales, while retailers looked for continued slowing.
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In service sector labor markets, retail merchants trimmed their payrolls and hiring at non-retail firms was little changed from a month earlier. Average wage gains were less widespread.
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The pace of this month’s price change in the broad service sector also moderated, while survey participants looked for somewhat quicker increases during the next six months.