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 softened in the Fifth District service sector in June, according to the latest survey by the Federal Reserve Bank of Richmond. Revenue expansion at non-retail businesses slowed and retail sales were nearly flat, hampered in part by a continued slump in big-ticket sales. In addition, shopper traffic waned and inventory reductions slowed.
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On the labor front, employment in the service sector leveled off in June as retailers cut more jobs and the pace of hiring cooled at non-retail services firms. Average wages continued to advance at a stable pace, however.
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Price growth slowed slightly this month and survey respondents’ outlook for the next six months was for only a mild pick-up in the pace. Expectations for sales during the next six months remained a bright spot in June.