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.