Richmond Fed Services Survey

Data PMI Services

Source: Richmond Fed
Source Link: https://www.richmondfed.org/
Frequency: Monthly
Next Release(s): February 24th, 2026 10:00 AM

Latest Updates

Fifth District non-manufacturing activity was essentially flat in January, with modest MoM improvements in revenues and demand alongside softer input cost growth.
- The revenues index increased to -3 (Dec: -6; Nov: -4), indicating a smaller contraction in current service-sector revenue conditions.
- The demand index rose to 2 (Dec: -3; Nov: 4), shifting from slight contraction back into modest expansion.
- Local business conditions improved to -6 (Dec: -11; Nov: -15), showing a gradual easing in negative assessments of the regional environment.
- Capital expenditures remained negative at -5 (Dec: -9), while equipment and software spending held positive at 2 (Dec: 0), pointing to mixed investment activity.
- The employment index was unchanged at 5 (Dec: 5; Nov: 1), and the forward-looking employment index increased to 20 (Dec: 14), reflecting firmer hiring expectations.
- The wages index rose to 20 (Dec: 17; Nov: 12), indicating continued upward pressure on compensation.
- Prices paid growth slowed to 4.29% (Dec: 6.13%), while prices received edged up to 3.36% (Dec: 3.16%), showing easing input costs alongside slightly firmer selling price growth.
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Fifth District non-manufacturing activity softened in December, with revenues and demand both weakening MoM, while expectations remained firmly positive.
- The Revenues Index edged down to -6 in December (from -4 in November), indicating a modest further pullback in current service-sector revenue conditions.
- The Demand Index fell to -3 (from 4), showing a shift from modest expansion to slight contraction in near-term demand.
- Local Business Conditions improved slightly to -11 (from -15), suggesting a small easing in firms’ negative assessments of the regional environment.
- Capital Expenditures declined to -9 (from -3), while Equipment & Software Spending held at 0 (from 4), pointing to restrained investment activity overall.
- The Employment Index rose to 5 (from 1), indicating improved hiring conditions, while the forward-looking employment index fell to 14 (from 24), showing softer expectations for future hiring.
- The Wages Index increased to 17 (from 12), signaling firmer current wage pressures, with firms continuing to expect wage increases over the next six months.
- Prices Paid rose to 6.13% (from 4.78%) and Prices Received ticked up to 3.16% (from 3.06%), reflecting renewed upward pressure on both input costs and selling prices, even as firms expect price growth to moderate ahead.
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The Richmond Fed Fifth District non-manufacturing activity softened in November, with the Revenues Index dropping to -4 from 4, reflecting a modest pullback in service-sector momentum.
- Demand held steady at 4, showing stable near-term activity even as revenue growth weakened.
- Local Business Conditions fell sharply to -15 (from -1), indicating a notable deterioration in firms’ assessments of the regional environment.
- Capital Expenditures slipped to -3 (from 1), while Equipment & Software Spending rose to 4 (from 2), showing mixed investment trends.
- Services Expenditures declined to -10 (from -4), pointing to weaker discretionary outlays among firms.
- Employment was flat at 1, while the Wages Index eased to 12 (from 17), suggesting slower compensation growth.
- Prices Paid fell to 4.78% (from 5.54%) and Prices Received declined to 3.06% (from 3.77%), indicating softer cost and selling price pressures.
- Expectations improved, with future Revenues rising to 40 (from 22) and future Demand to 26 (from 19), while future Local Business Conditions moved to 4 (from -3), showing firmer optimism for early 2026.
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The Richmond Fed Non-Manufacturing Survey suggested slight growth in the service sector in October 2025, with the headline Revenues Index edging up to 4 (from 1 in September) and the Demand Index steady at 4.
- The Local Business Conditions Index improved to -1 (from -7), while expectations held weak at -3, showing limited optimism about near-term conditions.
- Employment remained flat at 0, while the six-month Employment Expectations Index rose to 14 (from 11), suggesting moderate hiring plans.
- Wages were steady at 17 MoM, with firms expecting continued wage growth ahead (future index: 39 vs 46 prior).
- Capital Expenditures improved slightly to 1 (from -3), and Equipment & Software Spending rose to 4 (from 2), while Services Expenditures remained negative at -4 (from -8).
- The Prices Paid Index increased to 5.54% (from 4.96%), and Prices Received rose modestly to 3.77% (from 3.70%), indicating mild cost pressures.
- Expectations for price growth were mixed, with firms anticipating slightly lower input cost growth (5.24%) but modestly higher selling price growth (4.12%) over the next year.
Source
The Richmond Fed Fifth District Services Revenues Index eased to 1 in September (from 4 in August), while Demand softened to 3 (from 13), indicating slower momentum in service sector activity.
- Local Business Conditions turned negative at -7 (from 6), with expectations also weakening to -2 (from 11).
- Employment improved slightly to 0 (from -1), but forward-looking hiring expectations fell to 11 (from 20), suggesting caution in labor demand.
- Wages declined to 17 (from 24), though firms continued to expect strong increases over the next six months (future: 46).
- Capital Expenditures softened to -3 (from -1), while Equipment & Software Spending dropped to 2 (from 9), reflecting weaker investment activity.
- Services Expenditures fell further to -8 (from -6), continuing a negative trend.
- Prices Paid eased slightly to 4.96% (from 5.06%), while Prices Received also declined to 3.70% (from 3.89%); expectations show modest pickup in input costs but softer selling prices ahead.
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The Richmond Fed Services Revenues Index rose to 4 in August (from 2 in July), while the Demand Index strengthened to 13 (from 5), signaling modest improvement in Fifth District service activity.
- Local Business Conditions turned positive at 6 (from -8), with expectations rising to 11 (from 6).
- Employment slipped to -1 (from 0), though hiring expectations improved sharply to 20 (from 4).
- Wages increased to 24 (from 18), with firms expecting continued upward pressure (future: 46).
- Equipment & Software Spending rose to 9 (from 2), while Capital Expenditures remained soft at -1 (from -10).
- Prices Paid held steady at 5.06% (from 5.05%), while Prices Received increased to 3.89% (from 3.29%).
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The Richmond Fed Services Revenues Index rose to 2 in July (from -1 in June), indicating a slight improvement in Fifth District service sector activity, while the Demand Index increased to 5 (from -4).
- Local Business Conditions improved to -8 (from -14), with future expectations turning positive at 6 (from -5).
- Employment held flat at 0 (from 2), and expected hiring weakened to 4 (from 15); the Wages Index ticked down to 18 (from 19).
- Prices Paid eased to 5.05% (from 5.17%), while Prices Received edged up to 3.29% (from 3.15%).
- Capital Expenditures remained weak at -10, though Equipment & Software Spending improved slightly to 2 (from -4).
- Firms expect little change in input cost growth, but anticipate higher prices received over the next 12 months.
Source
The Richmond Fed Services Revenues index rose to -4 in June (from -11 in May), suggesting a slower contraction in Fifth District service sector activity, while the Demand index improved marginally to -7 (from -8).
- Local Business Conditions improved slightly to -16 (from -18), and expectations rose to -11 (from -18).
- Employment increased to 3 (from 0), and future hiring expectations rose to 14 (from 11).
- Wages eased slightly to 19 (from 20), with firms still expecting strong wage growth (39).
- Prices Paid edged up to 5.17% (from 4.97%), and Prices Received rose to 3.15% (from 3.01%), with expectations remaining steady near 5.17% and 3.91%, respectively.
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The Richmond Fed Services Revenues index declined -4 pts to -11 in May, signaling a deeper contraction in regional service sector activity, while the Demand index improved slightly to -8 (from -12).
- Local Business Conditions rose to -18 (from -30), though still in contraction; the future outlook also improved to -18 (from -29).
- Employment index fell sharply to 0 (from 8), while future hiring expectations rose to 11 (from 1).
- The Wages index increased to 20 (from 13), with firms continuing to expect wage growth ahead.
- Prices Paid growth was stable at 4.97% (vs 4.89%), and Prices Received dipped slightly to 3.01% (vs 3.03%), with both expected to accelerate over the next year.
Source
The Richmond Fed Services Revenues index fell -3 pts to -7 in April, while the Demand index dropped -6 pts to -12, signaling a deeper contraction in service sector activity.
- Forward-looking Demand turned negative at -2 (down -6 pts), and Future Revenues fell -12 pts to 4.
- Local Business Conditions plunged -16 pts to -30, and future expectations dropped -24 pts to -29.
- Current Employment improved 5 pts to 8, but expectations dropped -11 pts to 1.
- Wages index declined to 13, though most firms still expect to raise wages.
- Prices Paid growth remained elevated at 4.89% but was slightly slower than the previous reading of 5.18%. Future input cost growth increased again to 5.94% (up from 5.13%).
- Prices Received growth was 3.03%, down from 3.68%, and expectations remained above 4% at 4.18% (previously 4.15%).
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The Richmond Fed Services Revenues index fell -15 pts to -4 in March, while the Demand index dropped -19 pts to -6, both reflecting service sector weakness.
- Local Business Conditions weakened sharply, down -15 pts to -14, and expectations turned negative, dropping -13 pts to -5.
- CapEx decreased -10 pts to -9, with Equipment & Software Spending flat at 0 (down -8 pts MoM).
- The Employment index eased 4 pts to 3, and forward-looking employment expectations fell -15 pts to 12.
- Prices Paid moderated to 5.18% YoY (from 5.26% YoY), while Prices Received rose to 3.68% YoY (from 3.31% YoY).
- Firms’ wage expectations softened slightly, with the Wages index down -5 pts to 19.
Source
The Richmond Fed Services Revenues index increased 7 pts to 11 in February after the sharp January decline.
- The Demand index cooled, however, falling -4 pts to 13, with the expectations index easing -21 pts to 24.
- CapEx growth remained stagnant at 1 with CapEx expectations down -15 pts to 10.
- Similarly, Equipment & Software and Services Spending expectations both cooled, down -9 pts to 13 and down -13 pts to 2 respectively.
- The Employment index increased 4 pts to 7, the highest in over a year.
- Prices Paid accelerated to 5.26% YoY, up from 4.69% YoY, while Prices Received saw a slight deceleration to 3.31% YoY (prev 3.55% YoY).
- Expectations for cost growth increased to 5.09% YoY in February from 4.06% YoY in January.
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