By Colin Kellaher
Services activity growth in the middle of the U.S. moderated in June, while expectations for future activity held steady, 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 2 in June, down from 11 in May and 9 in April. Readings above zero indicate expansion, while those below zero indicate contraction.
The Kansas City Fed said activity in restaurants and hotels grew in June, while activity in the transportation and healthcare sectors declined.
The bank said its index of expectations for future services activity was 10 in June, unchanged from May's reading.
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. cooled a bit in June, though expectations for future business conditions remained positive.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
06-28-24 1125ET
