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 moderated in October, according to the latest survey by the Federal Reserve Bank of Richmond. Although retail sales inched up, overall revenues were held in check by flat revenues at non-retail services firms. Inventory build-up slowed. Big-ticket sales drifted lower and shopper traffic declined. Looking ahead six months, survey participants anticipated restrained demand for goods and services.
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In service sector labor markets, hiring remained stalled. The number of retail employees dropped, albeit by less than a month earlier, and hiring at services providers flattened. However, average wages strengthened.
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Price increases nearly matched last month’s pace at non-retail services firms, while retail prices rose more quickly in October. Non-retail services firms expected the pace of price growth would pick up in the next six months, pushing up overall price change expectations for the broad service sector.