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 Fifth District service sector was mixed in May, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales flattened, even though big-ticket sales declined more slowly than a month ago and retail inventories fell. Shopper traffic also tapered off. In contrast, revenues picked up at non-retail services firms.
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In related labor markets, a jump in employment at services-producing firms overshadowed the steady pace of retail job cuts. Growth in average wages was more widespread in May at retail and non-retail establishments, while price growth in the broad service sector was mild.