South By North Strategies, Ltd.

From the Federal Reserve Bank of Richmond’s December 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 remained weak in December, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales dropped sharply, led by falling big-ticket sales, and shopper traffic declined. Retail inventory contraction slowed. Revenues at services firms also fell in December. Looking ahead six months, however, survey respondents were optimistic about business prospects.
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In service sector labor markets, job cuts increased at retail establishments and services firms. Average wages in the sector were unchanged, compared to a month ago, and price growth was mild. For the six months ahead, survey respondents expected modest price growth.