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.