FOR IMMEDIATE RELEASE
Aug. 27, 2021
CONTACT: Pam Campbell
KANSAS CITY, Mo. – The Federal Reserve Bank of Kansas City released the August Services Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that the pace of Tenth District services growth slowed slightly but remained positive, and activity was expected to increase further over the next six months.
“Regional services activity continued to increase in August,” said Wilkerson. “However, many firms reported steep price increases, difficulties attracting or retaining talent, and 37% of firms expected a decrease in business activity due to the recent surge in COVID cases.”
The Kansas City Fed’s monthly Survey of Tenth District Services provides information on several indicators of activity including sales, revenue, employment and capital spending, while identifying changes in prices of input materials and selling prices. Survey participants represent a variety of industries, including retail and wholesale trade, automobile dealers, transportation, information, high-tech and professional services, real estate, education, restaurants, health services, tourism and other services firms. Historical data, results from past surveys and release dates for future surveys are available at www.kansascityfed.org/surveys/services-survey/.
The Federal Reserve Bank of Kansas City serves the Tenth Federal Reserve District, encompassing the western third of Missouri; all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming; and the northern half of New Mexico. As part of the nation’s central bank, the Bank participates in setting national monetary policy, supervising and regulating numerous commercial banks and bank holding companies, and providing financial services to depository institutions. More information is available online at External Linkwww.kansascityfed.org.