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):

Service sector activity picked up moderately in September, according to the latest survey by the Federal Reserve Bank of Richmond. Strengthening revenues at non-retail services firms and a modest increase in retail sales pushed the broad sector revenues higher. Although cumulative retail sales edged up, big-ticket sales weakened; in addition, retail inventories grew more quickly this month. Shopper traffic remained nearly flat for a second month. Looking ahead, survey participants expected demand to continue to strengthen during the coming six months.
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On the employment front, the number of retail employees and average retail wages dropped sharply. At non-retail services firms, hiring tapered off, while average wage increases intensified.
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Prices increased at a restrained pace in the overall service sector in September, as both retail and non-retail prices rose more slowly. Looking to the six months ahead, survey participants expected prices in the broad service sector to climb at a quicker pace.