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.