FOR IMMEDIATE RELEASE
Jan. 28, 2022
CONTACT: Pam Campbell
KANSAS CITY, Mo. – The Federal Reserve Bank of Kansas City released the January 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 rose slightly in January with expectations for increased activity over the next six months.
“Regional services activity expanded slightly in January,” said Wilkerson. “Nearly half of firms indicated that 10% or more of their workforce had been absent from work in January due to COVID. Despite more firms reporting negative effects from this wave of COVID than previous waves, sales remained strong for a number of industries, and expectations for future activity increased.”
A summary of the January survey is attached. The January survey incorporates new seasonal adjustment factors using Census X-13 ARIMA-SEATS, so historical indexes differ slightly from previously released numbers. The new seasonal factors will be used throughout 2022. Historical data, results from past surveys and release dates for future surveys are available online.
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 about the Kansas City Fed is available online.