Dallas Fed: Texas Service Sector Growth Slows in September; Retail Sales Continue Rising
For immediate release: October 1, 2013
DALLAS—Texas service sector activity growth slowed in September, according to the Federal Reserve Bank of Dallas’ Texas Service Sector Outlook Survey.
The TSSOS revenue index—a key measure of state service sector conditions—remained positive but fell from 13.6 to 8.9.
The survey is conducted monthly by the Dallas Fed to obtain a timely assessment of activity in the state’s service sector, which represents 60 percent of the state economy and employs close to 7.3 million workers.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators reflected slower employment growth but longer workweeks in September. The employment index stayed in positive territory but declined, and the hours worked index remained in positive territory but was largely unchanged from August.
Perceptions of broader economic conditions reflected less optimism in September. The general business activity index dipped from 16.7 to 14.
Indexes of future service sector activity remained in solid positive territory.
TSSOS also includes a component called the Texas Retail Outlook Survey, which uses information from respondents in the retail and wholesale sectors only.
Retail sales climbed again in September, according to business executives responding to the Texas Retail Outlook Survey. However, the sales index fell from 21.1 to 16.5, suggesting slower growth.
Indexes of future retail sector activity fell but remained in solid positive territory this month.
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