Richmond Fed Services Revenues Index

The series is part of the Richmond Fed's non-manufacturing survey, which was formerly called the service sector survey. Respondents report changes in revenues and other business indicators, and the Richmond Fed converts responses into diffusion indexes. A positive reading generally means more firms reported rising revenues than falling revenues; a negative reading means the reverse.

Services are a large share of the U.S. economy, so traders use regional services surveys as early clues about demand, employment and inflation conditions before broader national data are released.

The survey is regional and sentiment-based, and the renaming from service sector to non-manufacturing may create label differences across calendars. It should be read alongside national services PMIs, payrolls and spending data.