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 surged in December, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales rose sharply and shopper traffic increased. However, weakness in big-ticket sales continued. Retail inventories grew rapidly this month. At non-retail services firms, revenue growth was a bit more widespread than a month ago. Looking ahead six months, survey respondents anticipated a stronger market for their goods and services.
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Labor markets also improved this month, as retail job cuts abated and hiring picked up at services-providing firms.
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Service sector price growth eased somewhat in December, while survey respondents’ overall outlook for price change during the next six months nearly matched that of a month ago.