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 remained weak in September, according to the latest survey by the Federal Reserve Bank of Richmond. A steep drop in big-ticket sales weighed down total retail sales, and shopper traffic continued to decline this month. Retail inventory depletion slowed, compared to a month ago. Revenues also contracted at non-retail services firms. Looking ahead six months, however, retailers expected demand for goods to pick up, and services providers anticipated solid demand for their services.
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In labor markets, retail merchants and services providers trimmed their payrolls. Average wage growth advanced moderately across the sector.
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Compared to a month ago, price growth slowed overall in the broad service sector, with a mild acceleration at retail establishments, while price change was virtually flat at services-providing firms.