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 declined in October, according to the latest survey by the Federal Reserve Bank of Richmond, although the weakness in several indicators was less severe than a month earlier. Retail sales contraction continued, nearly matching September’s drop. Nevertheless, shopper traffic flattened after falling for four months and big-ticket sales declined more slowly than a month ago. Retail inventories grew for the first time since January of 2010. Revenue weakness at services-providing firms was virtually the same as last month’s. However, survey participants’ predictions for business prospects during the next six months jumped up in October.
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In service sector labor markets, retailers and services providers slowed employee cutbacks in October. Average retail wages were unchanged, while moderate growth in wages at services firms continued.
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Price growth in the broad service sector picked up somewhat compared to a month ago, as this month’s price acceleration at services-providing firms outpaced slightly slower price growth at retail establishments.