By Colin Kellaher
Services activity in the middle of the U.S. slipped in December following two months of gains, but expectations for future activity rose, according to a monthly survey by the Federal Reserve Bank of Kansas City.
The Tenth District Services Survey's composite index, a weighted average of indexes covering revenue/sales, employment and inventory, came in at minus 4 for December, down from 10 in November and 12 for October. Readings above zero indicate expansion, while those below zero indicate contraction.
The Kansas City Fed said the recent surge in coronavirus cases is taking its toll on businesses. Many firms surveyed said an increase in consumer caution has contributed to a slowdown in business activity, and more employees have missed work recently after testing positive for Covid-19 or being exposed to the virus.
Despite the decline, the Kansas City Fed said expectations for future services activity rose to 16 in December from a reading of 13 in November.
The Kansas City Fed's survey includes participants from such service industries as retail and wholesale trade, automobile dealers, real estate and restaurants. The survey provides information on current services activity in the Tenth District, which includes Colorado, Oklahoma, Wyoming, Nebraska, Kansas, the northern half of New Mexico and the western third of Missouri.
The bank's monthly manufacturing survey, released Thursday, showed factory activity in the region continued to expand in December at a slightly faster rate than that of November.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 18, 2020 12:04 ET (17:04 GMT)
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December 19, 2020 at 12:04AM
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