South By North Strategies, Ltd.

From the Federal Reserve Bank of Richmond’s latest survey of service-sector activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

A stronger performance at non-retail services firms pushed up overall service sector activity this month, according to the November survey by the Federal Reserve Bank of Richmond. However, weakness persisted in the retail sector, with overall softness in retail sales and another steep drop in big-ticket sales. In addition, shopper traffic withered. However, inventories edged up only slightly. Looking ahead six months, retail merchants remained optimistic about consumer demand, although their exuberance of a month ago waned. At services firms, survey respondents also remained upbeat, but less enthusiastic than in October.
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A similar situation was reported in service sector labor markets — retailers cut jobs, while hiring managers at services firms added employees. Average wages grew on pace with a month ago.
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Service sector price growth inched up and, looking ahead, survey respondents expected an additional uptick over the next six months.

From the Federal Reserve Bank of Richmond’s latest survey of manufacturing activity in the South Atlantic (District of Columbia, Maryland, North Carolina, South Carolina, Virginia and West Virginia):

Manufacturing activity in the central Atlantic region advanced somewhat faster in November, according to the Richmond Fed’s latest survey. All broad indicators — shipments, new orders and employment — posted solid gains. Other indicators were also generally positive. District contacts reported that growth in capacity utilization grew at a faster pace, while growth in order backlogs exhibited more moderate weakness than a month ago. Delivery times were virtually unchanged, while manufacturers reported that inventories grew at a somewhat higher rate.
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Looking forward, manufacturers’ assessments of business prospects for the next six months remained optimistic in November. Survey contacts anticipated steady growth in shipments, new orders, backlog of orders, and capital expenditures.