FOR IMMEDIATE RELEASE
Feb. 25, 2022
CONTACT: Pam Campbell
KANSAS CITY, Mo. – The Federal Reserve Bank of Kansas City released the February 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 activity grew moderately in February, and activity was expected to expand further over the next six months.
“Regional services activity increased modestly in February,” said Wilkerson. “Many firms reported higher cost increases for a number of input materials and operating costs. Around 46% of firms indicated they are able to pass through 20% or less of cost increases on to customers in the form of higher prices.”
A summary of the survey is attached. Historical data, results from past surveys and release dates for future surveys are available at External Linkwww.kansascityfed.org/surveys/services-survey/.
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.
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.