Texas Service Sector Activity Improved Notably in November, According to Dallas Fed Survey
For immediate release: November 25, 2014
DALLAS—Texas service sector activity improved notably in November, 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—surged from 14 in October to 25.4 in November.
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 reflected slightly faster employment growth and longer workweeks. The employment index moved up to 15.3 in November. The hours worked index was largely unchanged this month.
Perceptions of broader economic conditions continued to reflect optimism in November. The general business activity index held steady at 17.3 in November.
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 continued to reflect expansion in November, according to business executives responding to the Texas Retail Outlook Survey. The sales index was unchanged at 16.7 in November.
Indexes of future retail sector activity remained in solid positive territory this month.
For this month’s Texas Business Outlook Surveys, respondents were also asked supplemental questions on employment expectations and the labor market in Texas.
Phone: (214) 922-5449