US Richmond Fed Services Index
US Richmond Fed monthly services sector survey index and indicators from the Richmond Federal Reserve.
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CURRENT MONTH CONDITIONS9 | ||||||||||||||||||||||||||||||||||||||
| Revenues | 0 | -8 | -3 | 0 | 12 | 10 | 9 | -6 | -4 | -5 | -3 | 4 | 1 | 2 | 1 | -1 | -12 | -4 | -3 | 9 | 3 | 22 | 7 | 4 | 0 | -12 | 3 | -6 | 4 | -6 | -5 | -13 | 2 | -5 | -2 | -8 | 0 | |
| Demand for Services | 2 | 3 | 5 | 4 | 13 | 10 | 22 | -2 | 2 | -3 | 3 | 4 | 3 | 13 | 5 | -4 | -7 | -11 | -3 | 11 | 11 | 23 | 12 | 4 | 4 | -2 | 2 | 2 | 5 | 10 | -5 | -2 | 1 | -2 | -1 | 2 | 7 | |
| Number of Employees | 2 | 8 | 4 | 8 | 0 | 5 | 9 | 0 | 5 | 5 | 1 | 0 | 1 | 0 | 0 | 1 | 1 | 5 | 2 | 5 | 2 | 2 | 2 | 5 | 1 | 0 | -4 | 3 | 7 | 0 | 5 | 2 | 2 | 5 | 4 | 10 | 4 | |
| Average Wages | 20 | 22 | 20 | 19 | 21 | 18 | 19 | 18 | 20 | 17 | 13 | 15 | 19 | 22 | 19 | 19 | 19 | 14 | 20 | 24 | 21 | 21 | 20 | 22 | 15 | 20 | 23 | 21 | 21 | 23 | 23 | 21 | 28 | 28 | 26 | 29 | 24 | |
| Local Business Conditions | -8 | -12 | -5 | -7 | 0 | -6 | 1 | -11 | -7 | -10 | -14 | -5 | -6 | 5 | -7 | -12 | -16 | -27 | -14 | -4 | 2 | 11 | 5 | -3 | -3 | -14 | -5 | -4 | -4 | -1 | -7 | -11 | -7 | -6 | -11 | -11 | -7 | |
| Availability of Needed Skills | -3 | -4 | -1 | -1 | -3 | -5 | 0 | 7 | 1 | -3 | 2 | 2 | 4 | 3 | 2 | 2 | 2 | 0 | 0 | -4 | -1 | 1 | 0 | 0 | -5 | 1 | -7 | 6 | 4 | -2 | -2 | 0 | 3 | 2 | 1 | 2 | 5 | |
| Capital Expenditures | -3 | 3 | 0 | -1 | -3 | 3 | 2 | -9 | -5 | -9 | -3 | 2 | -4 | -2 | -8 | -6 | -10 | -10 | -8 | 1 | 2 | -2 | -6 | -15 | -9 | -8 | 1 | -7 | -3 | -1 | -4 | -3 | -2 | -1 | -3 | 1 | 3 | |
| Spending on Equipment and Software | 1 | 4 | 5 | 4 | 7 | 10 | 6 | -4 | 1 | 0 | 4 | 4 | 3 | 8 | 1 | -3 | -9 | -6 | -1 | 6 | 5 | 4 | -3 | -4 | -2 | -2 | 0 | -3 | 3 | 2 | 0 | 3 | 8 | 6 | 9 | 11 | 6 | |
| Spending on Services | -8 | -2 | -3 | -5 | -2 | 0 | 1 | -7 | -8 | -11 | -9 | -3 | -7 | -7 | -7 | -7 | -18 | -16 | -8 | -8 | -3 | -2 | -3 | -9 | -12 | -6 | -6 | -8 | -5 | -4 | -11 | -1 | 0 | -2 | 0 | 3 | 0 | |
| SIX-MONTH EXPECTATIONS9 | ||||||||||||||||||||||||||||||||||||||
| Revenues | 31 | 38 | 37 | 40 | 39 | 40 | 37 | 33 | 33 | 29 | 36 | 22 | 29 | 36 | 22 | 24 | 10 | 10 | 25 | 36 | 42 | 49 | 51 | 39 | 30 | 33 | 36 | 25 | 38 | 32 | 18 | 19 | 12 | 7 | 6 | 8 | 22 | |
| Demand for Services | 29 | 31 | 30 | 34 | 35 | 27 | 33 | 28 | 31 | 28 | 24 | 20 | 24 | 28 | 21 | 17 | 8 | 4 | 15 | 24 | 41 | 37 | 38 | 36 | 25 | 24 | 30 | 16 | 25 | 31 | 19 | 18 | 7 | 16 | -5 | 2 | 22 | |
| Number of Employees | 19 | 21 | 23 | 24 | 23 | 25 | 21 | 15 | 19 | 15 | 24 | 14 | 13 | 20 | 6 | 15 | 12 | 4 | 14 | 25 | 22 | 27 | 25 | 22 | 22 | 12 | 23 | 17 | 18 | 22 | 14 | 14 | 16 | 14 | 12 | 18 | 16 | |
| Average Wages | 50 | 53 | 47 | 44 | 48 | 42 | 45 | 44 | 49 | 48 | 43 | 38 | 46 | 47 | 43 | 41 | 42 | 35 | 44 | 46 | 51 | 57 | 53 | 53 | 47 | 50 | 54 | 51 | 47 | 53 | 42 | 43 | 45 | 49 | 49 | 48 | 48 | |
| Local Business Conditions | 0 | 9 | 9 | 16 | 14 | 9 | 11 | 16 | 6 | 6 | 1 | -4 | 0 | 6 | 6 | -5 | -12 | -23 | -1 | 7 | 31 | 31 | 35 | 26 | 12 | 10 | 8 | 6 | 11 | 18 | 2 | 2 | -7 | -5 | -12 | -22 | 2 | |
| Availability of Needed Skills | 0 | -1 | 1 | 0 | 1 | 2 | 3 | 5 | 4 | 2 | 7 | 7 | 4 | 8 | 2 | 4 | 9 | 9 | 8 | 2 | 1 | 0 | -2 | 0 | 1 | 0 | 4 | 3 | 1 | -2 | 2 | 5 | 9 | 4 | 11 | 10 | 11 | |
| Capital Expenditures | 8 | 14 | 7 | 9 | 6 | 5 | 9 | 4 | 2 | 0 | 5 | 3 | -8 | 7 | 0 | -3 | -9 | -5 | 3 | 8 | 21 | 15 | 10 | 1 | 0 | 1 | 1 | 4 | -2 | 1 | -3 | 2 | 9 | -2 | -1 | 5 | 10 | |
| Spending on Equipment and Software | 6 | 14 | 11 | 9 | 13 | 11 | 9 | 8 | 5 | 3 | 8 | 5 | 2 | 9 | 6 | 6 | -3 | 2 | 4 | 11 | 17 | 21 | 14 | 10 | 5 | 5 | 5 | 3 | 3 | 6 | 0 | 6 | 6 | 5 | 9 | 7 | 15 | |
| Spending on Services | -2 | 1 | 5 | 0 | 4 | -1 | 8 | -1 | -2 | -5 | 1 | -3 | -7 | -3 | -3 | -2 | -15 | -12 | -4 | -1 | 11 | 11 | 1 | 6 | 1 | -3 | -1 | -5 | -9 | -2 | -7 | 0 | -1 | -2 | 3 | -1 | 4 | |
| PRICE CHANGES (annualized %)4 | ||||||||||||||||||||||||||||||||||||||
| Prices Received — Current Month | 3.9 | 3.49 | 3.4 | 3.3 | 3.35 | 3.53 | 3.34 | 3.47 | 3.36 | 3.16 | 3.06 | 3.77 | 3.7 | 3.89 | 3.29 | 3.15 | 3.01 | 3.03 | 3.68 | 3.31 | 3.55 | 3.58 | 3.57 | 3.39 | 3.25 | 3.8 | 4.5 | 3.67 | 4.06 | 3.8 | 4.08 | 3.38 | 4.22 | 3.88 | 4.22 | 4.61 | 4.84 | |
| Prices Received — 6-Month Expectations | 3.54 | 3.5 | 3.3 | 3.49 | 3.28 | 3.66 | 3.37 | 3.41 | 3.4 | 3 | 3.27 | 4.12 | 3.64 | 3.95 | 3.87 | 3.21 | 3.6 | 4.18 | 4.15 | 3.62 | 3.59 | 3.56 | 3.46 | 3.28 | 3.56 | 3.76 | 4.16 | 3.36 | 3.74 | 3.22 | 3.48 | 3.85 | 3.43 | 3.64 | 3.64 | 3.36 | 3.84 | |
| Prices Paid — Current Month | 5.17 | 5.47 | 5.2 | 5.61 | 5.48 | 5.69 | 4.82 | 5.16 | 4.29 | 6.13 | 4.78 | 5.54 | 4.96 | 5.06 | 5.05 | 5.17 | 4.97 | 4.89 | 5.18 | 5.26 | 4.69 | 4.67 | 4.72 | 4.64 | 4.65 | 5.26 | 5.54 | 5.1 | 5.6 | 5.85 | 5.04 | 5.65 | 6.1 | 6.14 | 6.29 | 7.19 | 5.78 | |
| Prices Paid — 6-Month Expectations | 5.06 | 4.39 | 4.17 | 4.96 | 4.79 | 5.12 | 4.04 | 4.38 | 4.16 | 4.27 | 4.15 | 5.24 | 5.22 | 4.99 | 4.92 | 5.17 | 6.04 | 5.94 | 5.13 | 5.09 | 4.06 | 4.34 | 3.85 | 3.99 | 4.07 | 4.19 | 4.43 | 4.24 | 4.66 | 4.48 | 4.22 | 4.14 | 4.46 | 4.57 | 4.39 | 4.87 | 4.43 |
Latest reading
Demand for Services stood at 2 in Sep 2026. That is −1 from Aug 2026 and −1 from a year earlier. The series on this page is monthly and runs from Dec 2010 to Sep 2026. Source: Richmond FED (Service Sector Survey).
- Latest
- 2
- Sep 2026
- vs previous period
- −1
- Aug 2026
- vs a year earlier
- −1
About this data
US Richmond Fed monthly services sector survey index and indicators from the Richmond Federal Reserve. This table provides current month conditions, six-month expectations, and annualized price changes for revenues, employment, wages, and capital spending. Published monthly, the series covers data since 1993 from the Federal Reserve Bank of Richmond. Diffusion indices above zero indicate expansion in the services sector.
Frequently asked questions
- What does the US Richmond Fed Services Index measure?
- It measures business activity, revenues, demand, employment, wages, and price changes across the services sector in the Fifth Federal Reserve District through a monthly survey.
- How often is the survey published and how far back does it go?
- It is published monthly by the Federal Reserve Bank of Richmond, with historical data series available starting from November 1993.
- What specific breakdowns are included in the table?
- The table includes current month conditions, six-month expectations across multiple operational categories, and annualized price changes for prices received and prices paid.
- How are the index values interpreted?
- For the diffusion indices in the current conditions and expectations blocks, readings above zero indicate expansion in business activity, while readings below zero indicate contraction.
