Texas Service Sector Activity Continued to Reflect Expansion in December, According to Dallas Fed Survey
For immediate release: December 30, 2014
DALLAS—Texas service sector activity continued to reflect expansion in December, 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—fell from 25.4 in November to 20.5 in December.
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 steady employment growth and longer workweeks. The employment index was 14.5, similar to November. The hours worked index rose from 4.4 to 7.3 in December.
Perceptions of broader economic conditions reflected less optimism in December. The general business activity index declined from 17.3 to 12.7 in December.
Indexes of future service sector activity remained positive 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 improved notably in December, according to business executives responding to the Texas Retail Outlook Survey. The sales index advanced from 16.7 to 23.3 in December.
Indexes of future retail sector activity remained in solid positive territory this month.
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