Mid-Atlantic Non-Manufacturing Services – March Deterioration per Richmond Fed Survey

Fifth District service sector activity – non-manufacturing services – deteriorated in March, according to the most recent survey by the Federal Reserve Bank of Richmond. The revenues and demand indexes fell to −17 and −1, respectively, down from −3 and 6 in February. Future revenue and demand expectations were more positive, with revenue expectations improving mildly, while the index for demand expectations remained positive but decreased slightly. The indexes for both current and expected local business conditions remained negative. Firms mostly reported increased business spending as the indexes for capital expenditures and equipment & software spending were both in positive territory. All three of the spending expectations indexes were positive, suggesting that firms expect spending to increase over the next six months.

WestXDC perspective – unchanged business and economic climate, yes deteriorating (due to lagging interest rate hike effects, among many other uncertainty influencers) – move now to focus, grab market share, consolidate messaging, find and retain core revenue streams. Broaden marketing and communications coverage among channels, while focusing on personas and audience.

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