The Richmond Fed Fifth District non-manufacturing activity softened in November, with the Revenues Index dropping to -4 from 4, reflecting a modest pullback in service-sector momentum.

• Demand held steady at 4, showing stable near-term activity even as revenue growth weakened.

• Local Business Conditions fell sharply to -15 (from -1), indicating a notable deterioration in firms’ assessments of the regional environment.

• Capital Expenditures slipped to -3 (from 1), while Equipment & Software Spending rose to 4 (from 2), showing mixed investment trends.

• Services Expenditures declined to -10 (from -4), pointing to weaker discretionary outlays among firms.

• Employment was flat at 1, while the Wages Index eased to 12 (from 17), suggesting slower compensation growth.

• Prices Paid fell to 4.78% (from 5.54%) and Prices Received declined to 3.06% (from 3.77%), indicating softer cost and selling price pressures.

• Expectations improved, with future Revenues rising to 40 (from 22) and future Demand to 26 (from 19), while future Local Business Conditions moved to 4 (from -3), showing firmer optimism for early 2026.