Business Increased Moderately in May

Tenth District services activity continued to increase moderately in May, and expectations for future growth rose somewhat (Chart 1). Price indexes were little changed, although business contacts expected some slight moderation in price increases for future months.

The month-over-month services composite index was 15 in May, slightly higher than 12 in April, and considerably stronger than -2 in March (Tables 1 & 2). The composite index is a weighted average of the revenue/sales, employment, and inventory indexes. All month-over-month indexes were positive in May, although some indexes were not quite as solid as last month. The general revenue/sales index increased further, driven by expansion across most industries, but especially retail, wholesale, and transportation activity. Most year-over-year services indexes also improved from the previous month. Compared with a year ago, the services composite index rose from 17 to 29, and the general revenue/sales index jumped from 16 to 38. Expectations for future services activity edged higher, with the future composite index increasing from 16 to 27, and the future capital expenditures index recording its highest reading since the survey began in January 2014.

Composite Index vs. a Month Ago

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Date Composite
May-18 12
Jun-18 17
Jul-18 13
Aug-18 10
Sep-18 21
Oct-18 8
Nov-18 14
Dec-18 11
Jan-19 15
Feb-19 10
Mar-19 -2
Apr-19 12
May-19 15

Selected Services Comments

“Tariffs seem to be raising the costs of metal significantly.”

“The market is not deep and our revenue has been lumpy than the past few years. We hope this is a blip on the radar.”

“Sales growth is beginning to decline. Many product suppliers manufacture in China.”

“International products are making up most of our sales growth.”

Survey Data

PDFCurrent Release

Excel SpreadsheetHistorical Monthly Data

About the Services Survey


Chad Wilkerson

Vice President, Economist and Oklahoma City Branch Executive

Chad Wilkerson is Branch Executive of the Kansas City Fed’s Oklahoma City Branch office. In this role, he serves as the Bank’s lead officer and regional economist in Oklahoma. He…