For immediate release: January 31, 2012
Dallas Fed Survey: Texas Service Sector Activity Strengthens; Retail Sales Growth Remains Solid in January
Link to seasonally adjusted survey: /research/surveys/tssos/2012/1201/tssos1201.cfm
DALLAS—Texas service sector activity increased in January, according to business executives responding to the 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—rose from 9.8 to 13.7, with 32 percent of respondents noting revenue increased from December.
Positive readings in the survey generally indicate expansion of service sector activity, while readings below zero generally indicate contraction.
Labor market indicators reflected stronger hiring and slightly longer workweeks. The employment index moved up from 8.8 to 12.4, its best reading in 10 months.
Perceptions of general business conditions improved markedly in January, with the general business activity index jumping to 18.3, its best reading since December 2010.
Indexes of future service sector activity generally improved from last month, and expectations regarding future business conditions were more optimistic.
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 January, according to business executives responding to the retail portion of the survey. The sales index edged down from 13.7 to 12.1, marking eight consecutive months of sales increases.
Indexes of future retail sector activity remained in solid positive territory in January.
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