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%).