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 gained momentum in December, bolstered by improvement in the non-retail services subsector, according to the latest survey by the Federal Reserve Bank of Richmond. However, total retail sales slowed and big-ticket sales weakened compared to November’s survey. Shopper traffic flattened at retail establishments. Retail inventories increased more slowly than a month ago. At non-retail services firms, revenues rose sharply in December. Survey participants were upbeat about business prospects for the first half of 2012.
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Hiring picked up notably at non-retail services firms, while retailers reduced their payrolls further this month. Average wage increases prevailed in the service sector.
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Price change in the overall service sector increased at a slightly faster pace in December than in November. Looking ahead six months, survey respondents expected prices in the broad service sector to increase at nearly the same rate as their outlook a month ago.