Services activity in the middle of the U.S. grew in May, and expectations for future activity remained positive, according to a monthly survey by the Federal Reserve Bank of Kansas City released Friday. The Tenth District Services Survey's composite index, a weighted average of indexes covering revenue/sales, employment and inventory, came in at 11 in May, up from 3 in April and 0 in March. Readings above zero indicate expansion, while those below zero indicate contraction. The Kansas City Fed said activity in tourism, wholesale trade and professional services increased in May, while the retail-trade and auto sectors saw declines. The bank said its index of expectations for future services activity was 13 in May, down from 14 in April but still in positive territory. 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 that factory activity in the central U.S. contracted at a marginally slower pace in May than in April. The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar. Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees. Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
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