The Richmond Fed’s survey fell to 3 in May, down from a reading of 7 in April.

Consensus was for a reading of 7.

“Retail sales fell and big-ticket sales slackened, while shopper traffic rose more slowly than in May,” the Fed said. Meanwhile, revenues accelerated at non-retail services firms.

Service-sector respondents said they were optimistic about business prospects for the next six months.

Manufacturing conditions softened, with the hiring sub-index falling to a reading of 3 from 10.

Here’s what it’s looked like recently:

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