For immediate release: September 27, 2011
Dallas Fed Survey: Texas Service Sector Activity Strengthened in September; Retail Sales Increased
DALLAS—Texas service sector activity increased in September, according to the Federal Reserve Bank of Dallas’ Texas Service Sector Outlook Survey (TSSOS).
The survey is conducted monthly by the Dallas Fed to obtain a timely assessment of activity in the state’s service sector, which represents 59 percent of the state economy and employs close to 7 million workers.
The TSSOS revenue index—a key measure of state service sector conditions—climbed from 3.2 to 14.1, with one third of respondents noting revenue increased from August.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators remained positive and reflected some hiring but little change in the workweek.
Perceptions of general business conditions were generally more pessimistic this month, although the pace of deterioration slowed.
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 in September, according to business executives responding to the retail portion of the survey. The volatile sales index rose from 9.2 to 18.6, marking two consecutive months of sales increases. Inventories rose.
Indexes of future retail sector activity remained in positive territory in September with the exception of part-time employment and workweeks.
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