KC Fed: Services Indexes Post Modest Improvement in October

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Services sector activity in the Tenth Federal Reserve District posted modest improvement in October, according to results of the Federal Reserve Bank of Kansas City’s October Services Survey. The top line composite index improved for the second consecutive month to +10 from 0 in September and -3 in August. Similarly, the general revenue/sales index improved from +6 in September to +16 in October. The employment indexes were slightly better m/m, but remained relatively weak. Employee count increased to +2 from -10, and part-time employment improved to +6 from -13. Hours worked remained in negative territory at -3. Despite the firming in the current conditions indexes, the six-month expectations indexes mostly eased in October, with the composite index falling to +4 in October from +12 in September, and the general revenue/sales index declining to +13 from +17. The employment six-month expectations indexes were mixed, with employee count falling back into negative territory but hours worked improving to slightly positive from slightly negative. Finally, the capex expectations index declined for the third consecutive month to +7 from +12 in September and +17 in August.


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