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 broad service sector picked up in March, pushed by gains at non-retail firms, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales activity remained soft, with continued weakness in big-ticket sales. Shopper traffic flattened and retail inventories dipped compared to a month earlier. In contrast, revenues climbed sharply at non-retail services firms. Overall, survey respondents expected business to strengthen during the next six months.
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In service sector labor markets, the report was mixed; retailers reduced payrolls and services firms added new employees. Average wage growth intensified, particularly at services-providing firms.
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Price growth inched up in March and survey respondents anticipated somewhat faster increases during the six months ahead. However, their outlook was little changed from last month’s prediction.