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%).