Question-and-Answer Session
Operator
(Operator Instructions). We will take our question from [Paul Sindora] from BMO Capital.
Paul Sindora - BMO Capital
I just have a couple of quick questions. I wondered if first of all and you could talk it all about the July revenue trends that are you seeing?
David Kerr
Hi, this is David Kerr. July, our billable headcount in July has declined by 18 versus the end of June, and our revenue trends are pretty much follow that. We had in the second quarter with 30% revenue decline, 1% was related to volume or headcount declines, 1% was pricing and 1% on just the income. I think we've seen on those frame trends albeit small declines we've seen the same trends in July.
Paul Sindora - BMO Capital
The other question I have was, are you seeing any pick up in the financial services and in mortgage refinancing. Are you getting any impacts in that at all?
Amy Bobbitt
Yes, actually our financial service sector revenue was flat from Q1 to Q2 for the first time in the long time.
Paul Sindora - BMO Capital
Does seem like a sustainable thing or just kind of a one-time?
Larry L. Enterline
We felt, because our financial services verticals have been under pressure for quite some time, that it would come down to a base level. This is certainly feeling like that, like we will not see a great deal of further erosion there.
Paul Sindora - BMO Capital
Okay.
Larry L. Enterline
So, we would like to think going forward that could help us.
Paul Sindora - BMO Capital
You think it's related to this mortgage refinancing push at all. I don't know?
Larry L. Enterline
No. No, I think it's related to a lot of different things. Again these guys have had a lot of M&A activity, forced and unforced. I think there is going to be a lot driving that for them that not, but at least of which we hope is that we do see some general economic pick up in the broad economy that will help them to better evolve their businesses. It feels like as a vertical what that is bottoming for us. Now, I would also say that, that clearly didn't help us for a several quarters as they’re spending decrease.
Paul Sindora - BMO Capital
Lastly, I just wondered if you could tell us your capital expenditure, you’re expecting CapEx for the third quarter?
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