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):

Service sector activity retreated in August, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales fell, as shopper traffic declined and big-ticket sales dropped. Retail inventories inched up. Revenues at non-retail services firms also edged higher, compared to July. Retailers had a bleak outlook for sales in the six months ahead, while survey participants at non-retail firms were mildly optimistic about demand for their services.
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The number of employees in the service sector dipped as retailers and non-retail services providers trimmed their payrolls. Average wage growth was little changed at retail establishments; wage growth slowed at services providers.
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Price increases picked up somewhat in August, and survey respondents anticipated a slightly faster pace in the six months ahead, with most of the escalation coming from retailers