Dallas Fed: Texas Service Sector Picks up in March
For immediate release: April 1, 2014
DALLAS—Texas service sector activity climbed in March, 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—advanced from 9.8 to 16.5.
The survey is conducted monthly by the Dallas Fed to obtain a timely assessment of activity in the state’s service sector, which represents almost 70 percent of the state economy and employs close to 7.6 million workers.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators improved in March. The employment index held steady in positive territory, indicating employment rose at the same pace as in February. The hours worked index rose, suggesting longer workweeks.
Perceptions of broader economic conditions continued to reflect optimism in March. The general business activity index rose slightly from 6.8 to 10.1.
Indexes of future service sector activity reflected more optimism this month.
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 increased for the ninth consecutive month in March, according to business executives responding to the Texas Retail Outlook Survey. The sales index jumped more than 10 points to 15.6, indicating sales grew at a stronger pace than in February.Indexes of future retail sector activity reflected less optimism but remained in solid positive territory this month.
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