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 continued to improve overall in January, according to the latest survey by the Federal Reserve Bank of Richmond. Retail sales accelerated, despite a sharp fall in big-ticket sales and declining shopper traffic. Retailers’ inventories grew more quickly this month. Revenues at non-retail services providers also advanced, although somewhat more slowly than a month ago. Retail merchants were generally more cautious in their outlook for sales over the next six months, while services providers expected increased demand for their services.
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In service sector labor markets, hiring slowed slightly at non-retail firms and retailers cut workers. Average wage growth slowed at services businesses. At retail establishments, average wages declined.
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Price change in the overall service sector slowed slightly, compared to a month ago. Survey participants expected slightly faster price growth in the next six months, compared to their expectations in December.