KC Fed: Service Sector Gains in March

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Service sector activity in the Tenth Federal Reserve District continues to increase according to the result of the Federal Reserve Bank of Kansas City’s March Services Survey. The top line services composite index (SA) increased to 15 in March, from 6 in February and 2 in January. It was the fourth consecutive m/m increase in this measure. The employment index moved back into positive territory at 7 from -5 in the prior month, for the first positive print for the employment index since August 2025. Similarly, the hours worked index posted its first positive print since June 2025 at 8 from -1 in February, but the part-time employment index dipped slightly to 3 from 5. The six-month expectations composite index rose modestly to 17 from 13 in February, revenue/sales expectations held steady at 20, while employment expectations index increased to 16 from 3. Finally, capex expectations were a touch higher at 19 compared to 17 in February.

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