Dallas Fed: Texas Service Sector Strengthens in January; Retail Sales Climb
For immediate release: January 28, 2014
DALLAS—Texas service sector activity picked up in January, 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—rose from 16.8 to 18.1, its highest reading since February 2012.
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 were mixed. The employment index edged up from 9.8 to 11.9, indicating net hiring picked up in January. The hours worked index ticked down into negative territory, suggesting shorter workweeks.
Perceptions of broader economic conditions reflected more optimism in January. The general business activity index rose from 13.3 to 16.8.
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 January, according to business executives responding to the Texas Retail Outlook Survey. The sales index rose from 17.4 to 20.7, signaling stronger growth.
Indexes of future retail sector activity remained in solid positive territory this month.
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